Latest news with #MaileCarnegie
Sky News AU
20-05-2025
- Business
- Sky News AU
Big Four banks announce sweeping interest rate cuts to help millions of homeowners amid challenging economic climate
Australia's Big Four banks have committed to reducing interest rates in an attempt to deliver much-needed financial relief to the nation grappling with the brutal impacts of post-pandemic inflation. The major announcement comes after the Reserve Bank of Australia on Tuesday afternoon lowered the cash rate from 4.1 per cent to 3.85 per cent. Westpac, NAB, ANZ and Commonwealth Bank revealed shortly after they would pass the rate cut for the millions of Aussie homeowners that bank with the Big Four. NAB was the first to step in and pass on the RBA'S interest rate cuts to its customers by decreasing its standard variable home loan interest rate by 0.25 per cent p.a. Customers who bank with NAB can expect the changes to kick in from May 30, although 95 per cent of its customers opted to keep their repayments at the same level when rates last decreased. Shortly after NAB's announcement, ANZ committed to lowering interest rates for variable rate home loan customers by 0.25 per cent, also passing on the Reserve Bank's cut in full. ANZ Group Executive Australia Retail Maile Carnegie said: 'The RBA's second rate cut will be another welcome reprieve for our home loan customers, who have been facing high cost of living pressures for some time." 'While Australians have shown great resilience, facing economic challenges directly and adapting to rising costs and uncertainty, some may still be struggling. We remain committed to supporting our customers through tailored solutions and urge them to reach out sooner rather than later to discuss options for any additional support required." Commonwealth Bank dropped home loan variable interest rates by 0.25 per cent p.a. to deliver "much-needed additional relief for many Australians with a mortgage". ANZ and CBA is also expected to pass the rate cuts from May 30. Lastly, Westpac joined the major banks to decrease home loan variable interest rates by 0.25 per cent p.a. for new and existing customers. However, the changes will kick in from June 3. Additionally, Westpac Life total variable rate with bonus interest will decrease by 0.25 per cent p.a. to 4.0 per cent p.a., effective from May 30. Treasurer Jim Chalmers welcomed the RBA's cash cuts and said it is a "welcome relief" for millions of Australians. "This is the second interest rate cut in the last three months," he said. "This is very welcome relief for millions of Australians. We are really pleased to see more help is on the way. And that's what this decision today is all about. "To give you a sense of the benefits, the average benefits for Australians with a mortgage, this decision today for a $500,000 mortgage means $79 a month, or $947 a year. "For someone with a $750,000 mortgage: $118 a month or $1,420 a year."
Finextra
07-05-2025
- Business
- Finextra
ANZ scraps passwords for digital banking log-in
ANZ is scrapping password access to its digital banking arm ANZ Plus, replacing key-based log-ins with two-factor authentication. 0 Rather than typing in a password, customers will instead be able to access their ANZ Plus Web Banking through two authentication methods: either by using a passkey, which could be their fingerprint, face or mobile device PIN, or by entering their mobile number and approving a log-in request sent to their secure ANZ Plus app. ANZ Group Executive Australia Retail, Maile Carnegie says: '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. '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.'
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.'
Daily Mail
01-05-2025
- Business
- Daily Mail
Huge change to the way you bank in Australia: What you need to know
One of the Big Four banks is scrapping passwords in a 'revolutionary' change for one million Australians. ANZ is the first Australian bank to offer its customers internet banking without the need for passwords, for its digital arm, ANZ Plus. From mid-2025, one million ANZ Plus customers can choose to log in to internet banking via two different verification methods. They can do it by using a passkey, which is their fingerprint, face or mobile device PIN, or by entering their mobile phone number and approving a log-in request sent to their ANZ Plus app. Maile Carnegie, ANZ Group's Executive for Australia Retail, claimed the changes would 'revolutionise' the way customers accessed their bank account and offer an extra layer of security. 'Not only will it be easier than ever to log in to your account, we're helping our customers bank with confidence knowing their accounts are secure,' she said. '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.' The bank claimed removing passwords would help protect customers from malware attacks including Infostealer, where passwords were at risk of infection and breaches. It comes as cyber intelligence researchers Dvuln revealed more than 31,000 passwords belonging to customers of the Big Four banks were shared between cybercriminals online, including 7,000 ANZ customers. It was because devices were infected with Infostealer malware. ANZ intends to run its entire retail bank on ANZ Plus by 2029 for its six million customers and its one million Suncorp banking customers. Another of the Big Four banks, NAB, is planning to phase out passwords for internet banking within the next five years. NAB chief security officer Sandro Bucchianer said passwords were 'terrible' and had become progressively more risky as cybersecurity breaches become more widespread. Identity theft had also increased while many people used the same password across multiple websites. Commonwealth Bank recently announced multi-factor authentication for its customers who log in to NetBank. Customers who use the CommBank app are hit with a request for confirmation each time an effort is made to log in to web banking.
