ANZ Bank is set to introduce a new feature, Digital Padlock, which aims to enhance the security of its customers against fraud and scams. Scheduled for release in mid-2025, Digital Padlock will allow ANZ customers to immediately lock their accounts through the ANZ App, ANZ Plus, and Internet Banking if they suspect any unauthorized access. It will also deactivate credit and debit cards and alert the ANZ fraud monitoring system known as Falcon.
Maile Carnegie, ANZ Group Executive for Australia Retail, commented on the measure: “Cybercriminals are constantly finding new ways to target Australians. The more tools customers have at their fingertips to protect their money, the better.” She highlighted the quick and direct control this feature gives customers over their account security.
The introduction of Digital Padlock is part of ANZ’s broader initiative to combat financial crime, joining the efforts made by the bank’s First Responder team. This group of specialists was established to aid customers who suspect they have been victims of cybercriminals. Carnegie remarked that the First Responders team, which emerged from a successful 2024 pilot, will collaborate closely with customers and internal teams to address fraud.
ANZ's new security measures complement existing tools like the ANZ Falcon. In the previous year, ANZ claims to have thwarted more than AUD$140 million from being transferred to criminals. Later in the year, the bank plans to roll out Confirmation of Payee, a service to verify the account owner before payments are processed.
Carnegie also pointed to the complementary efforts of the banking industry and legislative measures: “Combined with the actions the banking industry is taking – as well as the Australian Government’s landmark Scams Prevention Framework legislation – the investments we’re making provide important layers of protection for our six million customers in the fight against financial crime.”
In addition to these measures, ANZ has introduced several other initiatives. These include delaying payments to destinations at high risk for scams, limiting customer transactions with cryptocurrency exchanges associated with scams, participating in fraud intelligence networks, and improving customer education.
For more information on ANZ's security efforts, customers can visit the ANZ Security Hub.