Internet banking security

Estimated reading time
 4 min

Key points

• Online and digital banking is now considered the norm for everyday transactions as we rapidly move towards becoming a cashless society, making it important to understand how to bank more safely online.
  
  
• From detecting fraudulent purchases to using multiple layers of security, we take significant measures to help ensure all our customers are protected when they’re banking online, but this is only part of the solution – you have a role to play, too.

As we barrel towards becoming a cashless society, more and more Australians are forgoing traditional bank branches in favour of online and digital banking.

In fact, around 81% of people over the age of 65 prefer internet banking, while 26% use banking apps on their phones.¹

With around 99% of total transactions made online or through an app, online and digital banking is revolutionising the way we spend and save on a daily basis.²

While many security measures are in place for online banking, such as identifying and preventing fraudulent transactions before they’re processed, there are steps you can take to make online and digital banking safer. Cyber safety basics, like avoiding clicking on suspicious links and managing your online banking with a private and secure Wi-Fi network, can make all the difference when it comes to protecting your money from cybercriminals and scammers.

Is online banking safe?

Most, if not all, banks offer plenty of safety features to help protect your personal information and money from cybercriminals. For ANZ customers, our ANZ Falcon® anti-fraud technology works around the clock, every day and can detect unusual activity on your credit card. There are also multiple straightforward ways to report a scam or fraud if you notice anything unusual. Plus, we have our money-back guarantee if your money is stolen in specific circumstances.

While banks can play a role in keeping you and your money safe when you bank online, it’s also up to you to do your part. Online banking is secure as long as you’re being safe and cyber-smart online, which includes:

• Knowing the different types of scams, and how to spot and report them to the proper authorities.
  
  
• Turning on multi-factor authentication (MFA) for all your accounts for extra security.
  
  
• Having automatic updates on all your devices to ensure you’re getting the latest security updates.
  
  
• Pausing and taking a moment to think before responding to a request, such as sharing personal information or making a payment.
  
  
• Using strong, unique passwords or passphrases for all your accounts.

Taking these steps towards being cyber-safe can help you feel confident in banking online and protecting yourself from cyber criminals.

Why is banking safely online important?

With seemingly less and less Australians using branches for their everyday banking, there’s an opportunity to start trying online banking (if you’re new to it) or embrace it wholeheartedly (if you’re somewhat experienced with it).

Knowing how to bank more safely online can give you the confidence to use this convenient way of managing your finances as we progress towards a digital future. Plus, you can have peace of mind whenever you do your banking online because you know that you’re taking the necessary steps to help protect your finances.

6 tips for banking more safely online

1. Always log in by typing www.anz.com.au into your browser’s address bar. Don’t click on any links that claim to be from ANZ because it might be a scammer who wants to hack your device.
   
   
2. Be wary of people who contact you and ask for your personal or banking details. ANZ will never ask for this information via message or email and will not pressure you to provide it.
   
   
3. Scan your devices regularly for viruses or spyware. You can do this by going to your device’s security system and running a security scan or by investing in security software that can do this, too.
   
   
4. Don’t use public Wi-Fi for any banking, as cybercriminals might intercept and use your banking details for their own gain. Instead, use your mobile data or your phone’s hotspot when you’re out in public. Alternatively, wait until you’re home to do your online banking on your private network.
   
   
5. Activate multiple layers of security for your online and digital banking. For example, when making a large purchase, you could use a password and a one-time code sent to your phone.
   
   
6. Don’t use the same password, passphrase or PIN for all your accounts. If a hacker gets one right, they can easily access all your accounts. Have different passwords, passphrases and PINs for each account and use a password manager to track them all.

How does ANZ help protect you?

At ANZ, we take online banking security seriously. Here’s how we help to protect you and your finances:

• The ANZ Falcon® works round the clock to detect and respond to suspicious transactions on your accounts. It uses behavioural biometrics to work out if it’s actually you who’s making a transaction. This means that the ANZ Falcon® will learn your spending patterns and try to detect when a purchase or transaction doesn’t align with your behaviour.
  
  
• The ANZ internet banking guarantee means we will reimburse any unauthorised transactions on your account if you didn’t contribute to the loss and let us know as soon as you discover them.
  
  
• ANZ Shield is our free optional security measure you can download on your Android^TM or Apple® device. It provides multi-factor authentication with which to verify your online banking details.
  
  
• Receive an SMS one-time passcode (OTP) as an extra layer of protection when you perform certain banking activities, such as creating a PayID or paying an account from a different bank.
  
  
• Multi-factor authentication is another layer of protection when updating your account profile details online or performing various online banking activities.
  
  
• Your session will automatically time out if you forget to log out of your online banking account.

What can you do if your online banking has been compromised? 

• If you have shared financial information or transferred money, contact your bank immediately. If you are an ANZ customer, contact us to report the fraud. 
  
  
• If you shared credit card details, ‘block’ or cancel those cards immediately. If your cards are with ANZ, you can report the stolen card through the ANZ app or by calling us.