Black Friday scams – the high cost of a bargain

There is nothing like a ticking clock and the promises of vast money-saving bargains to drive an online frenzy.

“ANZ is using techniques including biometrics and Artificial Intelligence algorithms which provide a combined defence against evolving scams during the high-traffic Black Friday period."

Which is why in the four days of Black Friday and Cyber Monday – starting on November 28 - Australians are tipped to spend about $6.8 billion online.

But experts are warning there is also nothing like a ticking clock to drive a surge in online scams.

In the rush shoppers forget to double check details, hastily click onto links and hand over highly personal details.

It is a perfect storm for cybercrime as fraudsters ramp up activity when digital traffic spikes and people click hastily onto links to snatch a bargain — making Black Friday and Cyber Monday prime targets.

ANZ experts are this year urging caution as cyber criminals up their scams – including the growing scourge of identity fraud.

Identity fraud is effectively what happens when a cybercriminal steals your identity data and uses it to create a fake bank account – under your name – which they can then use for everything from money laundering to scamming other victims.

According to the Australian Bureau of Statistics in 2023-24, an estimated 255,100 Australians over 15 years of age experienced identity theft.

So how do we keep our identities safe this weekend when hunting a bargain?

Experts say there are a few simple steps that should be taken.

Artificial Intelligence and biometrics

Every month the world leading customer protection technology ANZ employs is catching out hundreds of attempts by scammers to set up phony bank accounts.

But what is ANZ doing that is different?

And importantly - how can customers make sure they have the protections working for them?

ANZ’s protections – used on all ANZ Plus* transactions – also come into play when a customer signs on board.

There are minimum standards of customer information that governments expect financial institutions to garner upon customer sign up.

ANZ has put in additional measures to stem the flow of cyber crime.

ANZ is using techniques including biometrics and Artificial Intelligence algorithms which provide a combined defence against evolving scams during the high-traffic Black Friday period.

So instead of simply asking for licence details and name, ANZ will also ask the customer to take a selfie and send that to the bank to verify it is the same person on the licence.

This additional biometric and other behavioural checks have detected about 200 fraudulent applications for accounts monthly.

For example ANZ monitors how a device is used or held when a customer is allegedly taking a selfie, to check if it is most likely a fraudster loading a fake image.

Customers are also asked to take a photo of the identity document they are using with the bank. AI programs can analyse the documents to see if they have been created fraudulently.

This means shopping online is safer as sophisticated attacks are detected that could otherwise go unnoticed.

But with such technology the human element is also important with experts who analyse anything that is flagged.

Experts say the best way to be covered by these protections is for customers to keep their details up to date with the bank in the lead up to the Black Friday sales rush.

Scammers are evolving as well

But as banks innovate – so do scammers.

Cyber criminals are increasingly turning to cutting edge Artificial Intelligence to scale up their attacks to prey on more and more shoppers.

The use of AI is also creating problems such as making it easier to create a fake document, in which scammers can pretend to be someone who they are not.

So in addition to keeping your details up to date, the key this sale season is to pause and ask a trusted person – your partner or a family member for example – if the transaction makes sense.

When it comes to Black Friday and Cyber Monday the clock may be ticking, but the principal of caution is a timeless one.

* As announced at the recent ANZ 2030 Strategy announcement ANZ are prioritising the development of the front-end of ANZ Plus and will upgrade all 8 million retail customers in Australia to this new, single channel experience, by September 2027.

Allan Ng is General Manager, Identity, Verification & Authentication at ANZ