Fraud Detection in Banking Takes Centre Stage in New Zealand
New Zealand’s banking sector is taking a bold step to combat the rising threat of fraud with advanced fraud detection technology. This innovative approach involves collecting and analyzing behavioral biometric data from customers’ devices to identify suspicious activity.
How it Works
When using goMoney or Internet Banking, users will have their device’s model and operating system recorded, along with their IP address, swiping habits, scrolling patterns, and typing speed. This information is collected in the background, without disrupting user experience.
For Android users, the bank requests permission to access device permissions such as “Make and manage calls” and “Determine nearby devices.” These permissions are designed to help protect customers from fraud and can be denied or turned off at any time.
Data Collection and Analysis
The collected data is used to identify potential scams and fraudulent activity by recognizing patterns of behavior. This innovative security technology helps distinguish between genuine customer activity and suspicious behavior, such as login attempts by unauthorized individuals.
Customer Privacy
The bank assures that this information will never be used for promotional or marketing purposes. Instead, it will only be shared with the bank’s specialist security partner, who is tasked with analyzing the data to identify potential fraud threats.
Unique Data Collection Per Customer
The collected data is unique to each customer and tied to their individual ANZ customer number. This means that if multiple customers use a single device, each customer will have their own behavioral biometric information recorded.
However, the bank warns that sharing one customer number may compromise the accuracy of the data collection process. In such cases, customers are advised to contact the bank to set up additional logins.
Impact on Customer Experience
The bank’s fraud detection technology is considered essential in protecting customers from scams and fraudulent activity. As a result, users will not be able to access goMoney or Internet Banking without this data being collected.
For customers who wish to suspend their access to these channels or be de-registered from them, the bank offers alternative ways of managing their banking, including:
- Phone banking
- Branch visits
- Contact centre calls
Conclusion
New Zealand’s banking sector is taking a proactive approach to combat fraud with advanced fraud detection technology. By collecting and analyzing behavioral biometric data, customers can rest assured that their online banking experience is secure and protected from potential threats. For more information on the bank’s fraud detection technology, contact the bank directly.