The bank will text customers about unusual transactions
ANZ Bank New Zealand has strengthened its existing anti-fraud measures to better protect customers on the go.
The ANZ Fraud Check will send a text message to alert customers to any unusual transactions flagged on their eftpos, credit or debit card transactions.
Currently, ANZ phones the customer when it identifies an unusual transaction, to confirm if it was legitimate. The bank may also block the customer’s card while the transaction is being confirmed.
Under the new process, customers will be sent a text message to their listed number, asking them to validate a transaction with a “yes” or “no.” Customers will never be asked to click on a link to verify a transaction.
The text message will include details about the transaction, such as the amount, merchant name, and the last four digits of the card used, or the account activity that triggered the system.
Ben Kelleher (pictured above), ANZ NZ managing director of personal banking, said ANZ and other banks are seeing a spike in fraud and scam activity.
“While moving quickly to block a customer’s card is a great way to stop funds being lost to fraud, it is frustrating for customers when it is a legitimate transaction,” Kelleher said. “Fraud Check will mean customers can just confirm quickly via text and take out some of that hassle.”
ANZ’s fraud detection system regularly detects and stops payment fraud.
“While only 0.06% of transactions are fraudulent, because ANZ processes 67 million transactions per month these add up quickly,” Kelleher said. “We invest millions per year on our fraud detection systems, which identify a high percentage of fraudulent transactions and stopping them before they are processed.”
Kelleher urged customers to keep their contact details up to date, so the bank can reach them, and to familiarise themselves with ways to stay safe from scams.
Here are the top three ways for people to protect their banking:
- Never give strangers access to your devices
- Don’t click on links in unexpected texts or emails
- Hang up if unknown callers ask for personal information
Customers should also never provide credit card details, internet banking log-in details, VISA secure codes, two-factor authentication codes, or other confidential information, to an unexpected phone call, voice message, email, or text.
To confirm if a call was genuine, people are encouraged to hang up and phone back on a publicly listed number.
Kelleher also urged scam victims to not feel embarrassed or ashamed.
“It’s really important to let us know if you think you have been the victim of a scam, or if you spot anything that seems suspicious,” he said.
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