ANZ Supercharges Scam Defences with Tech

ANZ New Zealand (ANZ NZ) is stepping up its fight against financial fraud and scams, rolling out powerful new tools that have already blocked millions in suspicious payments and dismantled thousands of scam websites.

Recent innovations include:

• Behavioural Alerts: This technology helped block over $1 million in suspicious payments within eight weeks by analysing how users interact with their devices and looking for potential red flags.
• Cyber Quarantine Tools: These have successfully taken down 3,000 fake and scam websites, neutralising threats before they reach customers.
• Confirmation of Payee: Since its rollout, mistaken payments have dropped by 30 per cent, helping ensure payments go to the intended recipients.
• Dynamic Security Code (DSC): A temporary, three-digit verification code for online transactions, it provides an extra layer of security for customers’ cards by changing every 12 hours. Customers using DSC experienced 54 per cent lower fraud rates than those using the static number on the back of their card.
• ANZ Fraud Check: Real-time SMS confirmation sent to a customer’s registered mobile, reducing fraudulent payments and allowing legitimate transactions to be validated.

Alan Thomsen, Head of Customer Protection at ANZ NZ, says the bank is committed to staying ahead of scammers.

“Scams can have a profound impact on our customers, both emotionally and financially. But with real-time risk monitoring and behavioural insights, we’re able to intervene - often before a transaction is completed - delivering on our commitment to protect not just customer funds, but the trust customers place in us.

“As scams become more complex and AI-generated attacks rise, we’re not just reacting to fraud, but anticipating it. It’s another way we’re building a safer banking experience for our customers, every day.”

Mr Thomsen says while customer losses continue to trend down, scams targeting New Zealanders are on the rise as criminals are always looking for new ways to trick people.

Over the first six months of the past financial year, the total number of reported fraud and scam cases fell by 9 per cent compared to the same period a year earlier, while customer losses fell by 7 per cent.

In the same period, ANZ NZ prevented around $15 million in fraud and scam transactions.

Through the New Zealand Anti-Scam Alliance, ANZ NZ has shared information on over 1,800 mule accounts, preventing further loss to many victims.

Enhanced prevention and recovery measures meant 94 per cent of reported cases resulted in no financial loss to the customer.

As part of its ongoing work to fight scams and its commitment to the NZ Anti-Scam Alliance, ANZ NZ is proud to support Cyber Smart Week.

“We are encouraging all New Zealanders to take a moment to own it by making long and unique passwords and turning on two-factor authentication.

“Our message to our customers remains the same: don’t click on suspicious links, don’t share personal information, and always take a moment to check,” Mr Thomsen says.

How tech is helping protect customers

ANZ Fraud Check:

• Provides an additional layer of fraud protection for customers shopping online.
• Reduces the risk of stolen card details being used online. If unusual transactions or activity are detected on an ANZ EFTPOS, Visa Debit or credit card, ANZ may send customers a text or email asking whether the purchase was authorised.
• To prevent further risk, the card may be temporarily blocked until confirmation is received.

Behavioural Biometrics:

• ANZ’s security systems use behavioural biometrics to track how customers interact with the bank’s digital platforms, such as a customer’s typing rhythm, mouse movements, and even how they scroll. This helps to identify suspicious behaviour and stop fraud.
• Since July, ANZ NZ has been using real-time alerts to detect potentially fraudulent transactions, preventing over $1 million of suspicious payments within eight weeks.

Confirmation of Payee:

• Will check that the name of the person being paid matches the name on the account, providing an additional layer of protection to help reduce scams and fraud.

Enhanced Monitoring:

• ANZ NZ’s 24/7 Customer Protection team monitors the latest threat intelligence and uses this information to improve fraud and scam detection to help protect customers.
• If unusual transactions or activity are detected on an ANZ EFTPOS, Visa Debit or credit card, ANZ may send a text or email asking the customer to confirm whether the purchase was authorised.

ANZ NZ has long advocated for a coordinated approach to protect New Zealanders from fraud and scams. This must involve all key players – banks, government, telcos, search and social media platforms – working together to monitor and share data. ANZ NZ is pleased to be part of the MBIE-led NZ Anti-Scam Alliance and looks forward to all industry sectors contributing to fraud and scam prevention in a coordinated manner.

For more information on ANZ NZ’s scam and fraud prevention measures –  including tips for banking safely  – go to Scams and fraud | A guide to banking safely | ANZ