One million Australians will soon be internet banking without a password.
ANZ Bank is scrapping the security feature for ANZ Plus customers as it rolls out internet banking to them within months and replacing password protection with two other methods, the bank revealed on Thursday.
ANZ Plus is already a totally digital banking service launched in 2022 — its customers don’t have access ANZ bank branches and are also currently unable to access internet banking.
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Internet banking for ANZ Plus customers will be rolled out in “mid-2025”, and that is what is set to be a password-free experience.
The bank said it is the “first password-less web banking feature in Australia”.
Instead of a password, customers will be able to log into their accounts using a passkey, which could be their fingerprint, face or mobile device PIN.
Or, customers will be able to enter their mobile number and approve a login request sent to their ANZ Plus app.
“By introducing this change, we’re helping prevent customer login details from the risk of data breaches or phishing attacks,” the bank said.
There are already about 7000 stolen ANZ customer credentials on the dark web.
The Australian Banking Association told 7NEWS.com.au the issue — which also affected thousands of customers from Australia’s other major banks — was not a breach of banking systems but a result of malware targeting individual users’ phones and laptops.
Several other security technologies are available for ANZ Plus customers including a feature launched in November which allows service teams accepting customer calls to verify that the person they are speaking to is who they expect without the need to share sensitive information.
In the coming months, ANZ will also soon roll out a “Digital Padlock” feature for all customers, not just ANZ Plus customers, which will allow customers to instantly lock down access to their accounts if they suspect they are being targeted by cybercriminals.
