Latest news with #AnnaBligh
Yahoo
07-05-2025
- Business
- Yahoo
Glaring $3,750 figure that proves Australia's cashless society is already here
There's more cash around than there ever has been - but it's not because Australians are choosing physical currency for transactions. · Supplied/Getty Some have accused banks of "spreading misinformation" about the state of cash in Australia. But the reality is, we already live in a cashless society. Cash advocacy group Cash Welcome, which is partially funded by the ATM industry, directly challenged comments recently made by Australian Banking Association (ABA) CEO Anna Bligh. The group accused her of promoting the "myth" that Australians are willingly abandoning cash. "We are, as Australians, using less and less and less cash," Bligh said. RELATED "In 2007, about 70 per cent of everything we paid for was with real cash. "These days, it's about 10 per cent, and the Reserve Bank estimates it will fall to around 4 per cent by 2030." However, Cash Welcome disputes these figures. They highlight that current Reserve Bank of Australia (RBA) data shows 16 per cent of in-person transactions still use cash, with no publicly available statistics backing the 10 per cent figure cited by Bligh. To strengthen their argument, Cash Welcome make two points: The total value of cash in circulation continues to rise, not fall. Contrary to popular belief, ATM usage is not in sharp decline. But is the push towards a cashless society genuinely stalling, or are these figures being selectively used? Let's unpack the data. There has never been more cash circulating around Australia, despite its declining use in transactions. · Cash Welcome Firstly, Bligh is correct that the RBA's projection is that cash transactions will fall to just 4 per cent by 2030. Interestingly, both the ABA and Cash Welcome agree that despite fewer transactions, there has never been more cash physically circulating in Australia. Why is there more cash around if Australians aren't using it? The RBA provided insight into the increase in physical currency in a 2021 paper. "The increase in banknotes in circulation against the backdrop of declining transactional cash use can be attributed to the growing role of cash for precautionary and store-of-wealth purposes," the RBA wrote. Essentially, people aren't spending this cash; they're saving or "hoarding" it. In fact, nearly 73 per cent of current banknotes by number and a staggering 94 per cent by value are $50 and $100 denominations, indicating their use as a store of wealth rather than for everyday spending. Australian Banking Association CEO Anna Bligh has warned that bank branches have to adapt to the changing nature of banking. (Source: Getty) Yet, when adjusted for Australia's growing population, the narrative shifts slightly.
7NEWS
29-04-2025
- Business
- 7NEWS
Thousands of Australian bank login details leaked on dark web, and banks can't stop it
Thousands of Australians' bank login details are being passed around on the dark web and banks say there's little they can do to stop it. More than 31,000 sets of credentials — including those of at least 14,000 Commonwealth Bank customers, 7000 ANZ customers, 5000 NAB customers and 4000 Westpac customers — have been stolen from personal devices infected with malware, the ABC reported. The stolen details are now circulating on the messaging platform Telegram and dark web forums, according to Australian cyber intelligence firm Dvuln. The Australian Banking Association told the issue was not a breach of banking systems but a result of malware targeting individual users' phones and laptops. 'Keeping customers secure online is the top priority for Australia's banks,' ABA CEO Anna Bligh said. 'They continue to invest (in) security defences to help keep customers safe, including using advanced intelligence systems to monitor both open and dark web sources for compromised customer credentials.' The Australian Cyber Security Centre describes 'infostealer' malware as software designed to quietly infect a device, harvest sensitive data, such as banking logins, and send it directly to cybercriminals. The stolen data can include usernames, passwords, credit card details, cryptocurrency wallets, local files, and browser data, such as cookies, user history, and autofill form details. Dvuln founder Jamie O'Reilly echoed the ABA, saying the issue is not a vulnerability within the banks themselves. 'We've seen a tight correlation between the use of infostealer malware and using those passwords to conduct these types of attacks,' he told the ABC. O'Reilly said many attacks go unnoticed because they typically happen without warning. 'There may be a large number of fraud attacks happening against individuals and businesses … but there's been no public attribution because it's very difficult to trace back to a specific malware infection,' he said. 'A lot of this crime, on an individual level, goes unreported.' Despite the widespread problem with malware, there are few news stories or official cases directly linking fraud to infostealers. Once compromised, leaked information can have long-lasting consequences. O'Reilly found devices infected up to four years ago can still provide valuable data. His team also conducted tests in which they compromised ASX-listed companies using passwords that were four to five years old. Some cybercriminal groups offer stolen credentials for free to attract new buyers, while others sell the data at prices as low as $600 for access to up to 200,000 compromised devices. While most infected devices are Windows-operating PCs, cybercriminals are gradually targeting more mobile devices — though the scale of this threat is still much smaller. How to secure your bank account The ABA said banks would take immediate action to secure an account if they suspect a customer's credentials have been compromised. 'If a bank becomes aware that a customer's credentials may have been compromised, they take steps to secure their account and advise them on how to prevent further activity,' Bligh said. 'If customers have any concerns about their account details, they should get in touch with their bank as soon as possible.' The Commonwealth Bank also reassured customers it has additional measures in place to strengthen account security, including constant monitoring for suspicious activity and combatting emerging threats. 'We use advanced intelligence systems to monitor both open and dark web sources for compromised customer credentials,' it told 'We detect and block suspicious transactions in real time … have an integrated security approach combining cyber, fraud prevention, and resilience capabilities … continuously adapt our defences based on real-time threat intelligence and regular testing of our security systems.' Customers are also encouraged to take steps to protect themselves. These include creating unique, strong passwords and updating them regularly, installing and maintaining reputable anti-virus software, and monitoring accounts closely. The bank also recommends enabling transaction notifications and contacting it immediately if any suspicious activity is noticed.
9 News
29-04-2025
- Business
- 9 News
Banking details of thousands of Aussies stolen by cybercriminals
Your web browser is no longer supported. To improve your experience update it here The compromised banking details of more than 30,000 Aussies have been found online, security experts say. Research from Aussie tech security firm, Dvuln said the compromised data, found from the last four years, relates to "multiple major banks". But rather than the credentials being stolen from the banks, they were swiped from customer's devices by criminals using "infostealer malware infections". Details from 10,000 customers of one bank found on "infostealer logs" where criminals can share and sell the data, it says, and another had 7000. (iStock/Getty) Dvuln warned the data shows only a "fraction" of what's going on. Details from 10,000 customers of one bank were found on "infostealer logs" where criminals can share and sell the data. Another bank had 5000 details found, and another again had 4000. The information of customers from Australia's big four banks, including Commonwealth Bank, NAB, ANZ and Westpac was among the details found. Dvuln warns multi-factor authentication, which is now common to get onto banking apps or websites, is "not a complete defence". "The infections targeted individual user devices and harvested their credentials, rather than compromising banking infrastructure directly," the report said. It said "coordinated" action is needed, from financial institutions, government, cybersecurity professionals and the public "to close the gap between endpoint compromise and financial abuse". The report said infostealer malware, which is short for malicious software, is "one of the most pervasive yet underreported threats facing Australia's financial sector." Australian Banking Association CEO Anna Bligh confirmed the issue that's been identified relates to data being accessed from personal devices such as phones and laptops, and not from any breach of bank security systems. "Keeping customers secure online is the top priority for Australia's banks," Blight said. "They continue to invest security defences to help keep customers safe, including using advanced intelligence systems to monitor both open and dark web sources for compromised customer credentials. Australian Banking Association boss Anna Bligh. (AAP) If a bank becomes aware that a customer's credentials may have been compromised, they take steps to secure their account and advise them on how to prevent further activity. "If customers have any concerns about their account details, they should get in touch with their bank as soon as possible." CommBank also advised customers to create unique, strong passwords and change them regularly, install and maintain reputable anti-virus software, monitor their accounts and enable transaction notifications, and contact them if they notice suspicious activity. An Australian Signals Directorate (ASD) spokesperson said the agency is "persistently working to counter the cybercriminal threat targeting Australia". "Cybercriminals use Information-stealing malware to steal and exploit valid user credentials and system information, then reselling this information for monetary gain," the ASD spokesperson said. "Cybercriminals are using information stealers to undermine the security and wellbeing of Australian organisations. "Information stealers pose a serious problem as they provide cybercriminals legitimate user credentials which could lead to gaining initial access against other targets." Government agency Australia Signals Directorate, part of Australia's national security community received over 87,400 cybercrime reports in 2023-24. The most common was identity fraud. banks scam Australia national Technology Tech finance CONTACT US Property News: The Perth suburbs where residents rarely leave.
Yahoo
25-04-2025
- Business
- Yahoo
Cashless warning as bank chief predicts huge change for Australia: 'Massive implications'
The head of the Australian Banking Association (ABA) has warned that bank branches will undoubtedly look different in the future due to the declining use of cash. Digital methods like cards and smart devices make up the overwhelming majority of payments these days, as physical money slowly fades into obscurity. ABA chief Anna Bligh said the way Aussies use banking services was undergoing the "biggest transformation in the history of the country" as the cashless and digitisation revolution continues. She said, naturally, this means things would have to change. "We are, as Australians, using less and less and less cash," she told 2GB's Michael McLaren. RELATED Cash protest to 'drain ATMs' in defiant act against controversial trend: 'Use it or lose it' Aussie couple loses $170,000 house deposit over to two-letter error: 'Changed everyone's lives' Rare Aussie banknotes worth up to $19,500 "That has massive implications for what our branches are doing. "If people aren't coming in anymore to withdraw or deposit cash, then that really changes what a branch is and what it might look like in the future." She cited figures stating that 70 per cent of everything Aussies paid for was in cash back in 2007. That's dropped to about 10 per cent now and the Reserve Bank of Australia (RBA) predicts it could fall as low as 4 per cent by said not only are Aussies using bank branches less because of the reduced use of cash, but another popular service has also dramatically changed. "People will be surprised to know that 75 per cent of all home loans in Australia are now written by a mortgage broker, and those people come to your house," she said. "The old models of doing things are breaking, and we've got to find different and better ways to make sure that Australians, wherever they live, can continue to get the banking services they need." Bligh pointed to Westpac's recent move to resurrect three regional branches across New South Wales, Victoria and Tasmania that closed in recent years. The new Service Centres will be based in Moree, Leongatha, and Smithton and won't act like a normal branch. The ABA chief said you won't be able to withdraw money from a teller like you normally would, but you can access the centre's SmartATM. They will also provide face-to-face support for retail and business customers, assistance for digital banking services, as well as services related to identity verification, personal and business lending, and fraud and scam support. "They're not quite like the old branch that you once knew, but it is a face-to-face experience," Bligh said, hinting this is how branches could look in the future. Hundreds of bank branches have shut down in the past few years as customers prefer to do all their banking online. Canstar analysis revealed 230 branches were closed in the 2023-24 financial year, 52 of which were in regional areas. While the rate of closures is lower compared to previous years, it's still tough for those forced to travel sometimes large distances to get to the next closest branch. The Big Four banks have all signed a moratorium against closing any more regional branches until at least 2027. What happens after that deadline is anyone's guess. Bligh admitted that some banks have been closing branches in major regional centres with "booming" populations, but it was largely down to foot traffic. "The people who are living there aren't using bank branches anymore," she said. "They are paying for things electronically, they're using their phone to buy their groceries." She said if customers want a digital experience for their banking, banks had to divert their finances and resources into making sure it worked and it was safe. "Putting your money and your investment in the best place to look after your customers is not an entirely clear thing at the moment," she added. Cash advocates staged a protest across the country this week and called on others to withdraw money from ATMs, banks, and supermarkets. The grassroots movement was designed to send a message to financial institutions that cash is still important to many, even if it's not used as much by the in to access your portfolio
Yahoo
02-04-2025
- Business
- Yahoo
Centrelink announces one-off $1,000 payments for more Aussies: ‘Now available'
Aussies impacted by the heavy rain and flooding in Western Queensland can now claim a one-off payment from Centrelink. Record-breaking rain has swept through outback Queensland, forcing some residents to evacuate and killing thousands of livestock. The government has now activated its Disaster Recovery Payment for impacted residents in six local government areas. This is a lump sum payment of $1,000 for adults and $400 for children. 'If you've been impacted by the heavy rain and flooding in Western Queensland, support is now available,' Services Australia said. RELATED Centrelink closures and payment changes for millions over Easter and Anzac Day Aussie 'dream' falls apart four months after young expat's arrival with $20,000: 'In Canada everything's free' Commonwealth Bank confirms $50,000 move for first-home buyers: 'Game changer' 'It's a one-off payment of $1,000 per adult and $400 per child to help if this disaster has caused major damage to your home or major assets that you own at your home. 'You may also be eligible if you were seriously injured, or you're the immediate family member of someone who died or is missing.' The Disaster Recovery Payment was most recently activated for people affected by ex-Tropical Cyclone Alfred, along with the Disaster Recovery Allowance for people who were unable to Australian and Queensland governments have also activated Disaster Assistance Loans of up to $250,000 and Essential Working Capital Loans up to $100,000 for farmers, while freight subsidies up to $5,000 can be accessed. Personal Hardship Assistance is also available for impacted residents. The Australian Government Disaster Recovery Payment is available for individuals in the following areas: Barcoo Bulloo Longreach Paroo Quilpie Winton You have until September 29, 2025, to make a claim. Claims can be made online through the Services Australia website. Banks have also shown their support for customers in Western Queensland and parts of New South Wales impacted by the rainfall and flooding. Australian Banking Association CEO Anna Bligh has urged customers facing financial difficulty to reach out to their bank as soon as possible to discuss support options available. 'It doesn't matter if you're an individual, a farmer or a business customer, banks have a range of options from repayment deferrals through to loan restructuring to help you get back on your feet,' she said. Commonwealth Bank has said it would provide its Emergency Assistance to impacted customers. This can include customised payment arrangements for loans, waiving fees and charges, temporary overdrafts, and emergency accommodation for home insurance in to access your portfolio
