As we enjoy the benefits of digitalisation in our daily lives we also take on navigating the risk posed by fraudsters. Threats such as social engineering attacks – including utilisation of real-time phishing and fraud from identity theft or identity takeover – can result in monetary loss and emotional distress.
"The growing level of sophistication can make it very difficult for our customers to differentiate between a legitimate digital interaction with their bank and a potential cyber threat.”
Fraud and scams are always evolving. The growing level of sophistication can make it very difficult for our customers to differentiate between a legitimate digital interaction with their bank and a potential cyber threat.
According to the Australian Competition and Consumer Commission’s ScamWatch website, phishing scams are up 59 per cent in 2022 and remote access scams are on track to increase by 57 per cent this year. The Australian Bureau of Statistics also reported 2.1 million Australians (11 per cent) experienced one or more types of personal fraud in 2020-21.
At ANZ we have a sophisticated cyber-security protection capability and are always looking at innovative concepts and solutions to further strengthen this. We’re boosting our fraud prevention controls and strengthening ANZ’s real-time fraud detection capabilities in our digital channels by introducing behavioural biometrics.
Extra layer of security
Behavioural biometrics is an innovative technology that takes behavioural signals from how a customer interacts with a web page or device and, adds an extra layer of security and fraud detection. Behavioural biometrics can help identify situations where it’s likely a device is being used by an imposter or fraudster rather than the genuine customer.
Behavioural biometrics analyses customer’s digital interaction behaviours such as keystroke movement and other behavioural attributes. Critically, this information will only be used to help protect against fraud and security threats and not for any other purpose.
The solution uses artificial intelligence and machine learning to help protect digital channels against account takeover and fraudulent transactions.
Below are the types of scams from across the financial services industry where the behavioural biometrics solution will make the biggest difference for our customers and community: