Banks step up multifactor authentication to tackle scams and fraud

Growth in multi -factor authentication will force other financial institutions such as pension funds to increase their safety.

“I’m sure the super funds don’t have it,” Halverson said.

Lance Blockley, General Manager of the Payment Consultancy Company Venture Group, said that growth will force others to follow.

“The problem you receive, all consumers in the last 10 years wanted convenience and convenience in most cases contradicts security,” he said.

“There is a need to add friction to some operations, so there is time to check who is in the zoo.”

Blockley said that the rise of multi -factor authentication will benefit elderly customers who share their banking details with someone they trust. “This will warn them to someone who reaches this account,” he said.

Australians lost $ 119 million in the first four months of this year’s frauds approved by the victim. He said that the National Anti -ket Center, which was carried out regularly by the competition, increased by 28 percent annually. In 2024, Australians fell 26 percent compared to the previous year and lost $ 2 billion for fraud.

Meanwhile, when a card-related loss of fraud-a person stealing the identity information and paying without their powers-one rose from $ 677.5 million to $ 868 million in the previous year.

According to a study by RFI Global, the Financial Services Market Research Company, one in five Australians sacrificed the sacrifice of banking fraud, and one of them knows someone affected.

In five years, NAB plans to gradually eliminate passwords for internet banking and passive them and replace them with fingerprint or face recognition technology.

This year, Anz customers will be able to access web banking by two authentication methods: either using a pass in which fingerprints, face or mobile device pin, or confirming the desire to log in to anz applications.

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Halverson said cyber security is an important part of the bank business. “In fact, you save money-If you can reduce the exhaustion, you actually reduce people who communicate with you. But you should be preventive in your appearance.

“The growth of AI agents and the AI ​​in general will open a whole new space for the loss of financial fraud and privacy, and at the same time loss of individual identity.”