Dodgy ‘Book up’ practices exploiting Indigenous communities
The owner of a Nobby’s General store in the small town of Mintabie in South Australia, has been found to have withdrawn just under $1 million from Indigenous customers.
The corporate regulator has put traders on notice after the Federal Court found customers have been exploited through misuse of the ‘Book up’ payment system.
‘Book up’ provides consumers to take home goods and pay later, but some businesses take bank information as a form of security.
Story features: Nathan Boyle, analyst with ASIC’s Indigenous Outreach Program.
Image: ‘Book up’ by Australian Securities and Investments Commission