Latest news with #AustralianBankingAssociation
Epoch Times
14-05-2025
- Business
- Epoch Times
More Australians Struggle to Pay Mortgage Despite Interest Rate Cut
An increasing number of Australian homeowners are having difficulty repaying their mortgages despite the recent interest rate cut in February. New data ( Specifically, the percentage of CBA borrowers who were over 90 days behind their mortgage payments reached 0.71 percent in the March quarter of 2025. This was up from 0.61 percent in the previous year and the highest level since March 2019. The CBA also reported a significant increase in personal loan arrears, with 1.51 percent of customers falling more than 90 days behind on these repayments. This was up from 1.34 percent in March 2024 and 1.09 percent in March 2023. Related Stories 2/17/2025 5/6/2025 Meanwhile, Despite the increase, the Australian Banking Association said most borrowers were meeting their mortgage responsibility, with arrears staying below the pre-COVID-19 pandemic levels. February Interest Rate Cut The new arrear figures come after the Reserve Bank of Australia reduced the official cash rate from 4.35 percent to This was the first rate cut in four years after the central bank implemented an aggressive monetary policy to curb high inflation during and after the COVID-19 pandemic. The RBA said its decision was due to a notable decrease in inflation from its peak in 2022, which brought the headline inflation rate down to 3.2 percent in the December 2024 quarter. While borrowers are hoping for more rate cuts, the central bank has remained cautious about future downward movements. In March, RBA Governor Michele Bullock said the bank did not believe a series of rate cuts were required in the current economic situation. The governor also noted that its focus was on the U.S. government's tariff policy and its impact on economic activity and inflation in Australia. The bank will deliver its next interest rate decision on May 20. At present, cash markets and economic experts are predicting that the RBA will announce a second interest rate cut next week, effectively slashing the cash rate by another 0.25 percent to 3.85 percent.
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
