ANZ has introduced several new measures to combat scams and financial crimes affecting its customers and the community. This initiative comes in response to the increasing threat of scams, with almost 240,000 incidents reported in 2022 according to ACCC’s Scamwatch.
The bank is enhancing its security by deploying over 170 sophisticated algorithms that have prevented $20 million in customer scam losses across various payment channels. Additionally, ANZ has invested significantly in AI and Machine Learning technology aimed at detecting 'mule accounts', which are used for receiving funds from scam victims. Since April 2023, this technology has identified nearly 1,400 high-risk accounts.
ANZ is also taking steps to prevent payments to certain high-risk cryptocurrency platforms and introducing holds and delays on some payment types. Collaborating with major telecom companies, ANZ aims to activate the Do Not Originate (DNO) service to prevent scammers from using the “ANZ” label in text messages—a tactic known as SMS spoofing.
In addition to these new measures, ANZ continues its efforts from the past year which include rolling out biometric capabilities for identifying anomalies in payment processes and account openings. This initiative has detected over 2,200 fraudulent online applications, preventing approximately $23 million in potential losses.
Routine dark web scanning has led to the proactive disabling of about 485 at-risk profiles each month, averting around $2.5 million in fraud losses monthly. The bank also removes roughly 150 phishing sites per month, usually on the same day they are reported or detected.
Moreover, ANZ is part of the Australian Financial Crimes Exchange’s Fraud Reporting Exchange platform that facilitates near real-time reporting and actioning of fraud recoveries.
Shaq Johnson, Head of Customer Protection at ANZ stated: “Our investment in new technologies is critical as we continue to work to protect our customers and the community from fraud and scams.” He emphasized the need for a community-wide response alongside banks' efforts: “There is a whole of community response needed to scam prevention.”
Scammers are increasingly targeting individuals across all age groups with methods such as remote access scams and others involving investments or romance. ANZ advises customers who suspect they may be victims of scams to contact them immediately through their hotline or website for assistance.
For further details on scam types and protection tips, visit http://www.anz.com.au/security/types-of-scams.