ANZ Launches Digital Padlock to Help Customers Fight Fraud and Scams in Real Time
In a pioneering move within Australia’s banking sector, ANZ has announced the launch of a first-of-its-kind security feature called ANZ Digital Padlock, aimed at providing customers with immediate control over their account security in the face of increasing cybercrime threats. Set to be rolled out in mid-2025 across the ANZ App, ANZ Plus, and Internet Banking platforms, Digital Padlock will empower customers to instantly lock access to their bank accounts should they suspect any suspicious activity or feel they may be the target of online fraudsters.
With the rise of cybercriminal activities and scams in Australia, financial institutions have come under mounting pressure to implement more sophisticated and customer-centric solutions to safeguard their users’ financial wellbeing. ANZ’s Digital Padlock seeks to meet this challenge head-on by putting unprecedented control directly into the hands of the customers themselves. In just a few taps, customers will be able to swiftly disable their digital banking access, effectively halting any unauthorized attempts to access or withdraw funds.
Additionally, the Digital Padlock tool will automatically block both credit and debit card functionality and alert ANZ’s fraud monitoring system—known as Falcon—about any irregular or suspicious transactions. This rapid-response system ensures that potential threats can be addressed immediately, reducing the window of opportunity for cybercriminals to exploit vulnerabilities.
ANZ’s Proactive Response to a Growing Threat
Speaking on the importance of this new feature, Maile Carnegie, ANZ Group Executive of Australia Retail, emphasized the increasing sophistication of cybercriminal tactics and the need for customers to have real-time solutions at their disposal.
“Cybercriminals are constantly finding new ways to target Australians. The more tools customers have at their fingertips to protect their money, the better,” Carnegie explained.
She highlighted that the beauty of ANZ’s Digital Padlock lies in its simplicity and immediacy. “It only takes a few clicks to activate, giving our customers direct, real-time control over the security of their own accounts,” she said. “This tool will offer customers extra peace of mind, knowing they can act decisively if they suspect they are at risk. It’s particularly valuable when combating common scams currently circulating in Australia, such as phishing attacks and impersonation scams.”
Importantly, Carnegie reassured customers that using Digital Padlock would not interrupt certain critical, pre-scheduled transactions. Standing instructions such as future-dated payments, loan repayments, and direct debit arrangements will continue to be processed even if the account is locked down, ensuring that customers’ financial obligations remain uninterrupted while their accounts are secured.
Once customers are confident that any potential threat has been neutralized, they can contact the ANZ customer support team to assist them in fully restoring their banking services and resuming normal transactions.
ANZ First Responders: A Dedicated Team for Customer Support
Complementing the rollout of Digital Padlock is another major development in ANZ’s multi-layered security strategy: the formation of the ANZ First Responders, a specialized team within ANZ’s Customer Protection unit. This newly established team has been tasked with providing dedicated, hands-on assistance to customers who suspect they’ve been targeted by scams or fraudulent activity.
Following a successful pilot program in 2024, ANZ First Responders is now a permanent part of the bank’s security infrastructure, staffed by a team of 65 trained specialists, with plans to expand further over the coming year.
“These First Responders are experts at working with customers during what is often a stressful and urgent situation,” said Ms. Carnegie. “Time is of the essence when it comes to fraud and scams. That’s why we’ve invested in ensuring that our customers have access to immediate support from professionals who understand the seriousness of the situation and can guide them through the recovery process.”
The ANZ First Responders team operates alongside ANZ’s existing Scams Assist service and the broader Customer Protection teams, forming a robust and responsive network designed to minimize the impact of financial crime on customers.
Multi-Layered Security: ANZ’s Broader Anti-Fraud Strategy
The introduction of the Digital Padlock and the First Responders team are part of ANZ’s comprehensive, multi-faceted approach to combating financial crime. Central to this strategy is ANZ’s continued investment in advanced technology and fraud prevention systems, most notably ANZ Falcon—the bank’s flagship fraud detection system. Falcon continuously monitors transactions for suspicious patterns, leveraging advanced analytics and machine learning models to flag potential fraud in real time.
In 2024 alone, ANZ’s combined systems and people successfully intercepted and prevented more than AUD $140 million worth of customer funds from being siphoned off by criminals. This achievement underscores the effectiveness of the bank’s layered approach to security, where cutting-edge technology is supported by proactive human intervention.
ANZ is also preparing to launch another key security initiative later this year: Confirmation of Payee. This digital verification service is designed to provide customers with an extra layer of confidence when making payments. By cross-checking the name of the intended recipient Digital Padlock against the account details provided, the system helps prevent funds from being mistakenly or fraudulently sent to incorrect or malicious accounts—a tactic often exploited in business email compromise scams and invoice fraud schemes.
Working Together: Industry-Wide Collaboration and Government Support
ANZ’s initiatives align with broader efforts being made across the Australian banking industry and government to tackle the growing threat of scams and cybercrime. The introduction of Australia’s Scams Prevention Framework legislation marks a significant step forward in equipping both financial institutions and regulators with the legal tools necessary to fight back against fraudsters.
Ms. Carnegie emphasized that while ANZ is doing everything within its power to safeguard its customers, collaboration across the entire financial ecosystem is crucial. “The investments we’re making are a key part of ensuring our six million customers have strong layers of protection, but no one organization can solve this problem alone,” she stated. “By combining our efforts with those of the broader banking industry and the Australian Government, we can better protect Australians from the rapidly evolving tactics of cybercriminals.”
Empowering Customers in the Fight Against Cybercrime
Ultimately, ANZ’s Digital Padlock represents a shift toward empowering customers to take swift action when faced with potential cyber threats. In a digital world where financial transactions are increasingly conducted online, this kind of direct, user-controlled security feature is not just innovative—it’s essential.
By coupling cutting-edge technology with dedicated human support and fostering strong partnerships within the banking industry, ANZ is reaffirming its commitment to protecting its customers’ financial wellbeing in an ever-changing threat landscape.
