Financial Crime World

New Zealand Banks Unite to Combat Online Fraud with Enhanced Security Measures

In a bid to combat the rising threat of online fraud, New Zealand’s major banks have intensified their efforts to protect customers from scammers and cybercriminals. As part of this initiative, ANZ Bank has revealed its latest security measures aimed at keeping customers’ accounts safe 24/7.

Enhanced Security Measures

  • ANZ’s Customer Protection team works around the clock to analyze data events, monitor threat intelligence, and improve fraud detection methods.
  • Suspicious transactions may trigger a text or email from the bank seeking confirmation of whether the purchase was authorized.
  • Cardholders’ accounts may be temporarily blocked until the issue is resolved.
  • The bank’s security technology collects data on device usage and user behavior to identify potential fraud more quickly.

Additional Tools for Customer Protection

  • OnlineCode: A two-factor authentication system that requires customers to enter a unique code sent via text message to verify certain transactions or updates in goMoney and Internet Banking.
  • Card settings: Cardholders can control how their cards are used by setting preferences for online shopping, overseas purchases, contactless transactions, and online gambling.
  • Biometric identification: ANZ offers biometric identification options such as voice, fingerprint, or face recognition to authenticate users’ identities.

Visa 3-D Secure and Zero Liability Protection

  • Visa 3-D Secure: Sends a one-time passcode to customers’ mobile phones for certain purchases on protected websites, ensuring that only the cardholder can complete the transaction.
  • Visa Zero Liability protection: Covers customers in case their cards are lost, stolen, or used without authorization (excluding ATM transactions).

Cryptocurrency Exchange Block and Scams Guide

  • ANZ has blocked payments to some high-risk cryptocurrency exchanges to prevent the transfer of stolen funds and limit the impact on victims.
  • A comprehensive Scams and Fraud Guide is available in multiple languages, providing practical tips and red flags to help customers identify potential frauds.

Reporting Scams or Fraud

  • In the event of a scam or fraud, customers are advised to contact ANZ immediately to report the issue.
  • With these enhanced security measures in place, New Zealand banks are working together to ensure that customers’ online transactions remain secure and protected from cybercriminals.