Aussie banks roll out locks to block scams

Australian banks have started rolling out digital lock and block capabilities that let their clients disable compromised accounts using their apps to fight rising digital fraud.

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Cyberattacks have become more sophisticated, with criminals now using AI and deepfakes to create hyper-personalised, intricate, and harder-to-detect scams, he said.

An October 2024 study by the National Australia Bank found that 63% of Australians experienced a cyberattack or data breach in the past 12 months. About 62% of the respondents also said they were worried about their personal cybersecurity.

ANZ Bank's Digital Padlock option, slated for a mid-2025 roll-out, will let customers quickly disable digital access and block credit and debit cards without the need to call their bank or going to a branch.