Latest news with #DigitalPadlock
Yahoo
05-05-2025
- Business
- Yahoo
ANZ to support password-free web banking from mid-2025
Australia and New Zealand Banking Group (ANZ) has unveiled plans to launch password-less web banking for its digital platform, ANZ Plus, making it the first bank in Australia to offer this feature. The new service is set to be available in mid-2025, allowing customers to access their accounts without the need for traditional passwords. Instead, users will authenticate their identity through two methods, including a passkey, which may include biometric options such as fingerprints or facial recognition, or by entering their mobile number and approving a login request via the ANZ Plus app. To further enhance security, ANZ Plus incorporates advanced biometric verification during the onboarding process, requiring customers to provide a selfie and an ID document. This process ensures that only the legitimate account holder can access their account and facilitates secure identity verification when resetting access PINs or increasing payment limits. With the introduction of password-less web banking, ANZ aims to mitigate risks associated with data breaches, password leaks, and phishing attacks. ANZ Group's Australia retail executive Maile Carnegie said: 'The introduction of Password-less Web Banking will revolutionise the way customers access their bank account. 'Not only will it be easier than ever to log into your account, we're helping our customers bank with confidence knowing their accounts are secure.' The bank has invested in various security features to combat fraud and scams. Among these is the ANZ CallSafe feature, which enables secure verification during calls to ANZ Plus. Since its introduction in November 2024, CallSafe has facilitated more than 20,000 secure authentications. Additionally, ANZ plans to introduce the Digital Padlock feature in mid-2025, allowing customers to instantly restrict access to their accounts if they suspect fraudulent activity. The bank has also established a dedicated team, ANZ First Responders, to assist customers who may have been targeted by cybercriminals. This team has managed around 140,000 calls in the past year, resolving approximately 93% of inquiries on the first contact. ANZ has developed the Scam Safe suite, which includes various security measures to protect customers from different types of scams. Customers who maintain the default settings of Scam Safe are reported to be 34 times less likely to fall victim to scams. The Crypto Protect feature alone has intercepted around A$5.5m ($3.54m) in fraudulent investment payments since its launch in April 2024. In November 2024, five Australian banks teamed up with BioCatch to launch BioCatch Trust Australia, am inter-bank fraud and scams intelligence-sharing network utilising behaviour and device data. Founding partners include ANZ, Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Suncorp Bank (Norfina Limited), and Westpac. "ANZ to support password-free web banking from mid-2025" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
News.com.au
01-05-2025
- Business
- News.com.au
‘Preventing phishing attacks': Major bank's plan to slow down cybercriminals
ANZ has announced plans to launch a passwordless entry into its internet banking, claiming to help protect Aussies from cyber attacks. In an Australian first, ANZ said passwordless web banking would help prevent customers from malware attacks, including infostealer scams, as well as reduce the risks from data stolen in data breaches or impacted in phishing attacks. ANZ Group executive Australia retail Maile Carnegie said by launching passwordless banking ANZ would help customers access its services effortlessly while fortifying security, identity and data controls. 'By introducing this change, we're helping prevent customer log-in details from the risk of data breaches or phishing attacks – providing an extra layer of protection and one less thing for customers to worry about when it comes to banking security,' Ms Carnegie said. Instead of using a password, customers can log in via passkeys of their fingerprint, face or device pin or through their phone number and approving a log-in request sent to their ANZ Plus internet banking The passwordless service will be launched on ANZ Plus only and has not been applied to the ANZ app. NAB's subsidy Ubank previously announced a similar product through its app. It allows customers to create a passkey, meaning customers can log into the ubank app in the same way as they would to unlock their mobile device, using fingerprint or facial recognition, a PIN, or swipe pattern. Last month, ANZ unveiled Digital Padlock technology that it will roll out in the ANZ app, ANZ Plus and internet services. Once activated, it will block debit and credit cards as well as disable digital access and stop unauthorised activity on accounts while still allowing direct debits and loan repayments to go through. The ANZ move comes after the big four banks were named as part of an infostealer attack. According to an investigation by cyber intelligence researcher Dvuln, banking details belonging to at least 14,000 CommBank customers, 7000 ANZ customers, 5000 NAB customers and 4000 Westpac customers were being traded on the dark web. Dvuln co-founder Jamieson O'Reilly told NewsWire there was a thriving underground where criminals were making a good living through infostealer scams. 'Instead of the traditional ransomware attack where they lock your computer and ask for money, criminals have found that it's much more lucrative to not be detected, not make any noise and just leave the malware on your device as long as possible so that every time you change your information, it is sent back to the criminal gangs that control it. 'It means they have this continuous stream of information that they can sell to other cybercriminals. 'So rather than one payment with a ransom, they're getting year-on-year payments in some cases where they've got a device infected for a long time.' Mr O'Reilly said while the research focused on the banks, there was a much larger problem for Aussie households. 'We chose to highlight the banking risk because that would get the everyday Australian's deserved attention, but there was a lot more information,' he said. With the launch, ANZ is reminding Aussies to remain vigilant online. 'Don't give personal information or money to anyone if unsure.' ANZ said. 'Never click a link in a message, and only contact businesses or governments using contact information available through their official website or secure apps. If you're unsure, hang up or delete.'
Perth Now
30-04-2025
- Business
- Perth Now
Major bank announces Australian first
ANZ has announced plans to launch a passwordless entry into its app, claiming to help protect Aussies from cyber attacks. In an Australian first, ANZ said passwordless web banking would help prevent customers from malware attacks, including infostealer scams, as well as reduce the risks from data stolen in data breaches or impacted in phishing attacks. ANZ Group executive Australia retail Maile Carnegie said by launching passwordless banking ANZ would help customers access its services effortlessly while fortifying security, identity and data controls. ANZ is launching an Australian first aimed at slowing down scammers. NewsWire / Luis Enrique Ascui Credit: News Corp Australia 'By introducing this change, we're helping prevent customer log-in details from the risk of data breaches or phishing attacks – providing an extra layer of protection and one less thing for customers to worry about when it comes to banking security,' Ms Carnegie said. Instead of using a password, customers can log in via passkeys of their fingerprint, face or device pin or through their phone number and approving a log-in request sent to their ANZ Plus app. The passwordless service will be launched on ANZ Plus only and has not been applied to the ANZ app. Last month, ANZ unveiled Digital Padlock technology that it will roll out in the ANZ app, ANZ Plus and internet services. Once activated, it will block debit and credit cards as well as disable digital access and stop unauthorised activity on accounts while still allowing direct debits and loan repayments to go through. The ANZ move comes after the big four banks were named as part of an infostealer attack. According to an investigation by cyber intelligence researcher Dvuln, banking details belonging to at least 14,000 CommBank customers, 7000 ANZ customers, 5000 NAB customers and 4000 Westpac customers were being traded on the dark web. The major banks have been caught up in an infostealer attack. iStock Credit: istock Dvuln co-founder Jamieson O'Reilly told NewsWire there was a thriving underground where criminals were making a good living through infostealer scams. 'Instead of the traditional ransomware attack where they lock your computer and ask for money, criminals have found that it's much more lucrative to not be detected, not make any noise and just leave the malware on your device as long as possible so that every time you change your information, it is sent back to the criminal gangs that control it. 'It means they have this continuous stream of information that they can sell to other cybercriminals. 'So rather than one payment with a ransom, they're getting year-on-year payments in some cases where they've got a device infected for a long time.' Mr O'Reilly said while the research focused on the banks, there was a much larger problem for Aussie households. 'We chose to highlight the banking risk because that would get the everyday Australian's deserved attention, but there was a lot more information,' he said. With the launch, ANZ is reminding Aussies to remain vigilant online. 'Don't give personal information or money to anyone if unsure.' ANZ said. 'Never click a link in a message, and only contact businesses or governments using contact information available through their official website or secure apps. If you're unsure, hang up or delete.'
Yahoo
19-03-2025
- Business
- Yahoo
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. 91-year-old Aussie loses $130,000 after receiving this brazen phone call Centrelink change to see thousands more Aussies eligible for age pension Coles, Woolworths trick to get $100 off grocery bill every month: 'Beat them at their own game' 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 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 in to access your portfolio
