Business Owner Loses $60K to Unauthorized Debits

0:00I'm Corey, and this is your Pulse of the City, Sydney News Today. A Perth business owner named Mark Bosong has lost $60,000 from his ANZ bank accounts through unauthorized direct debts over the past three months. None of these payments were approved by him or his staff, yet the withdrawals kept happening despite his complaints. When Bosong reported the issue, ANZ refunded the money but said it could not block future unauthorized debts. The bank blamed the bulk electronic clearing system rules and suggested he guard his account details more closely, even though he uses them openly on, invoices for customers. Frustrated with hours spent on the phone each time, Bosong now blocks his accounts completely and calls the bank to unblock them only for legitimate transactions. He plans to switch to another bank with better local support, but warns this problem could hit anyone sharing basic banking info like with employers. Some debts trace back to a third-party platform, handling gym memberships, exploiting

1:01loose spots in the direct debit setup. Bosong argues the whole system needs big fixes so people can share account numbers without fear. Meanwhile, Australia's Financial Ombudsman reports direct debit complaints doubled recently, from 33 a month last year to 60 in January. Bosong hopes his story pushes for real changes to protect everyday accounts. This episode is brought to you by our sponsor. See the episode description. When you need a moment alone, just lay back and listen, S-O-L-L-I-SoliPillow.com.