Major bank reveals 'kill switch' to help Aussies 'protect their money'
ANZ is launching a new tactic to protect customers against scammers. The Digital Padlock has been likened to a "kill switch" and will allow users to lock down their account if they think they're being scammed.
Think of it like blocking a misplaced or stolen card but for your whole account. Traditionally, if a scammer has gained access, there aren't many tricks to stop them from transferring your money away.
"The more tools customers have at their fingertips to protect their money, the better," ANZ Group Executive Australia Retail, Maile Carnegie said.
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If a customer suspects there is suspicious activity on their account, they can log in, press a few buttons, and all payments will be stopped.
Digital Padlock will also block credit and debit cards and notify the ANZ fraud monitoring system Falcon of suspicious activity.
No one will be able to change details or send money to far-away places until the threat has passed.The ANZ customer support team will restore full banking services for the customer once they can be certain that the threat has passed.
If your account is locked down, essential payments like mortgages or direct debits, will still be processed.
Digital Padlock will be available on ANZ App, ANZ Plus and Internet Banking when it rolls out in the middle of this year.
'ANZ Digital Padlock takes just a few clicks so it will give our customers direct, real-time control over the security of their own accounts," Carnegie said.
"It will provide some extra peace of mind for customers, knowing that they can act quickly if they think they are at risk of being compromised and protect them from common scams currently targeting Australians, including phishing and impersonation scams.'
Scammers are constantly evolving their tactics to siphon off your hard-earned money.
While many people don't realise they have been scammed when the heist is taking place, you might be lucky enough to catch them in the heat of the moment.
The kill switch is the answer to that problem.
The concept was introduced in Singapore by local bank OCBC in 2022 after it lost $16.2 million in a series of phishing scams.
It only took a few months before the Singaporean government mandated that all banks introduce a kill switch option.
There were close to 100,000 phishing scams in Australia last year, according to the ACCC's National Anti-Scam Centre.
ANZ is also launching a First Responders team to protect customers who do end up getting scammed.
Normally, people would have to go through the fraud division, however, they will now deal with a new department.
'This team of specialists are experts in supporting our customers who suspect they've fallen victim to a fraud or scam,' Carnegie said.
'Joining our Scams Assist and existing expert Customer Protection teams, ANZ First Responders will work closely with our customers and our internal teams when time is of the essence,' she said.
Following a successful 2024 pilot, the ANZ First Responders team is now supported by 65 people and is expected to grow over the next 12 months.Sign in to access your portfolio
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