Maintaining customer confidence in electronic banking
Our electronic banking facilities are a major part of our commitment to provide convenient banking services for customers. However, facilities are only convenient when customers feel confident and safe about using them. We utilise advanced security systems to detect suspicious activity across Internet and Phone Banking and cheque, credit and debit card transactions. We continually evaluate the performance and suitability of these systems to ensure that our customers can place complete confidence in our facilities and reduce the risk of unauthorised transactions resulting from fraudulent activity.
About our customer security measures
We have a number of measures in place to give our customers the highest available level of security for their Internet Banking transactions. These include:
- a sophisticated fraud detection system that flags suspicious activity
- data encryption to prevent unauthorised access to personal information
- a firewall to prevent unauthorised network access
- automatic time-outs on internet banking sessions.
For Business Banking customers, we require ‘second-factor’ authentication for online transactions. This system involves a key ring sized security device that generates a new six-digit number every 60 seconds. Whenever a customer transacts with a third party via Internet Banking, the code displayed on the screen of their security device must be entered, this is then verified as part of the transaction approval process.
If a customer becomes a victim of fraud, ANZ guarantees they will be reimbursed for any unauthorised transactions, as long as they have complied with the Electronic Banking Conditions of Use.
About our electronic monitoring systems
In Australia and New Zealand, we use Fiserv’s Fraudlink “Carreker” system to monitor Internet and Phone Banking transactions as well as cheque transactions. “Carreker” identifies transactions and behaviour that is inconsistent with a customer's previous activity and may indicate fraud. This allows us to promptly identify unauthorised transactions occurring on a customer’s accounts; intervene where possible; and also ensure that any new or emerging trends of attempted fraud are detected, so that we can take immediate steps to minimise the impact of these.
ANZ's “Falcon” system monitors all consumer and commercial credit card transactions for fraudulent activity in Australia, Singapore, Taiwan, Fiji, Papua New Guinea, Vietnam, Cambodia, and Indonesia. We apply an equivalent system called “Proactive Risk Manager” (PRM) in New Zealand. Both systems use artificial intelligence (neural networks) to look for anomalies in customer spending patterns, and provide these to a dedicated team of fraud operators for further review, and follow-up if required. Additionally, in Australia we use the “Falcon” system to monitor suspicious or unusual ATM or EFTPOS transactions.
Please see our Corporate Responsibility reports for previous years' results.