It seems we’re on constant watch for scams on all fronts these days, from phone calls to the web, but ANZ is fighting back by announcing new security measures to help protect their customers and the community from the ongoing threat of scams and financial crime.

The bank will introduce a number of new anti-scam initiatives this year, designed to combat the ongoing issue of financial fraud. ANZ Head of Customer Protection, Shaq Johnson, said: 

Cyber events, data breaches, scams, and fraud activity continue to be a challenge to the community in 2023, however we’re seeing results from our response. ANZ continues to take action, introducing additional measures to protect our customers and the community from sophisticated criminal networks.

This year, we expect to see a shift in the way scammers operate, from targeting card transactions over digital fast payments, to increasingly targeting peer-to-peer and other emerging payment channels to circumvent traditional payment controls.”

The new measures to be introduced this year include increases to personalised warning messages when ANZ detects a transaction or activity they consider high risk. 

A new Scam Scoring model using AI will be introduced to bolster their current security systems and help in scam detection, and the bank will also introduce new algorithms to their Mule  Detection capabilities in order to restrict movement of funds to organised crime. 

A dedicated new team of specialists has been introduced with a dedicated hotline (13 33 50), giving ANZ customers more ways to contact the bank to report fraud, as well as seek assistance. 

There’s also going to be a focus on releasing new personalised education resources for customers including pages on how to spot scams

It’s always good to see banks getting on-board with more security measures to keep us safe, so maybe take some time to check our your banks resources for scam protection before you need them.