Latest news with #MorganSette
Perth Now
3 days ago
- Business
- Perth Now
‘Days limited': Bank's huge security call
The fifth largest lender in Australia has highlighted the security risk of two-factor authentication models through texts, calling the technology outdated. According to Macquarie, traditional SMS two-factor authentication (2FA) – which is widely used in Australian banking – relies on insecure technology and often provides limited information. Macquarie Bank head of deposits Olivia McArdle said the lack of detail in these messages means recipients may not know what they are approving and can't distinguish whether the action was initiated by the customer or a scammer. Macquarie Bank says two-factor authentication (2FA) – which is widely used in Australian banking – relies on insecure technology and often provides limited information. NewsWire / Morgan Sette Credit: News Corp Australia 'We think the days of Australian banks relying solely on SMS to verify customer account activity are numbered,' she said. The warning comes a month after the major super funds announced cyber breaches, but have yet to make models such as the 2FA standard. In the March, hackers were able to gain access to five of the largest super funds in Australia through 'credential stuffing' – which involves stolen usernames and passwords which are sold on the dark web. The attackers exploit the fact that people often repeatedly use the same passwords for different accounts, with security measures such as multi-factor authentication (MFA) helping to slow down these types of cyber attacks. Australians were reported ripped off through their superannuation. NewsWire / Nicholas Eagar Credit: NewsWire Super Consumer Australia chief executive Xavier O'Halloran said the breach follows consistent warnings from regulators and consumer advocates around superannuation funds lagging behind on cyber-resilience and fraud protection. 'Australians are legally required to put their money into super. Today's news is chilling when we know super funds aren't doing enough to protect Australians' retirement savings,' Mr O'Halloran said. 'When something goes wrong, too many people are being left without support, answers, or access to their own money.' Macquarie Bank said Australians are demanding more security than 2FA via a text message. 'The vulnerabilities are clear and customers, who are seeing the risks themselves, are voting with their feet,' Ms McArdle said. There have been consistent warnings from regulators and consumer advocates around superannuation funds lagging behind on cyber-resilience and fraud protection. NewsWire/ Gaye Gerard Credit: News Corp Australia Five tips to watch when using SMS for 2FA Macquarie say while there needs to be more done, there are a few things Australians can watch out for to stay safe. 1. Check the detail: Due to the limitations of SMS 2FA, Aussies might not know exactly what they are approving and should not take action unless you have full confidence the 2. Impersonation scams: Scammers may impersonate your bank, urgently requesting authorisation codes via SMS to stop a scam but will actually use these codes to compromise a device. 3. Spoofing: Scammers may trick you into sharing personal or financial details via SMS. These fraudulent messages typically contain links to fake websites that prompt victims to share their sensitive banking data, with Australians urged not to click on links in a text. 4. Pop-up SMS: Scammers can deliver a pop-up or flash SMS to your phone. These appear directly on your lock screen and are not saved to your inbox to prevent them from being reported or traced. 5. Phone porting: Although this scam has reduced in prevalence, scammers can in some instances illegally transfer your phone number to another telecommunications provider without your consent. This enables them to receive all your messages and use this access to compromise your account.
Perth Now
14-05-2025
- Business
- Perth Now
Major bank announces eye-watering profits
Australia's largest bank has announced bumper quarterly cash profits, but its boss warns global uncertainty could soon slow the Australian economy. In a statement to the ASX, Commonwealth Bank revealed its cash profits rose 6 per cent to $2.6bn in the March quarter, on the back of strong lending to Australian businesses. The bank said business loans surged 9.1 per cent or $3.7bn within those three months, outpacing its home-lending volumes which grew 4.1 per cent. Importantly for shareholders, CBA said its net interest margin - a key measure of profitability - held stable in the quarter, excluding non-recurring earnings, although it did not provide the figure in its trading update. CBA announces bumper cash profits NewsWire / Morgan Sette Credit: News Corp Australia Westpac, National Australia Bank and ANZ all announced mixed first-half results last week due to profit margin concerns, citing an intensely competitive mortgage market. CBA chief executive Matt Comyn said the impacts of global tariffs could slow down the Australian economy. 'There is heightened risk to the global economy from geopolitical and macroeconomic uncertainty which could slow down the domestic economy,' he said. Mr Comyn also warned of the pressures currently on Australian households on the back of higher interest rates. CBA said collective and individual provisions for bad debts were 'slightly higher', costing the bank $223m. The bank pointed to an increase in consumer arrears and troubled corporate and non-performing exposures. 'We know it has been another challenging period for many Australian households and businesses dealing with cost-of-living pressures,' Mr Comyn said. 'We have remained focused on proactively engaging with our customers on a range of support options to help those who need it most.' While households are facing pressures, the bank said household deposits were also 4.8 per cent higher through the quarterly period. The big four bank did highlight the challenges facing the national economy. NewsWire / Morgan Sette Credit: News Corp Australia Despite these challenges, Mr Comyn said Australia was starting in a relatively strong position and remained an attractive place to live and work. 'Government investment in infrastructure and services is helping to support employment and growth, and underlying inflation is moderating,' he said. Mr Comyn said the bank paid nearly $3.8bn benefiting 814,000 shareholders directly, and a further 13 million Australians through their superannuation. 'Our deliberate and long-term conservative approach to key balance sheet settings enables us to support our customers, the economy, and our shareholders through a range of macroeconomic scenarios,' he said.
