SunriseSunrise is joined by Cyber Security expert Simon Smith to talk ANZs upcoming anti-scam tool set to give customers the upper hand against crooks.
Well an zed is it to Ronald brand new anti scam tool later this year with the purpose of giving its customers the upper hand against all the crooks.
It's launching a so called emergency shutdown switch, a security feature that allows customers to lock down their account at the push of a button if they think they're being scammed. But with around one hundred thousand phishing scams reported in Australia last year alone, is it really enough for more? Cybersecurity expert Simon Smith joins US Life from Melbourne. Simon, how is this new tool going to benefit customers?
Good morning guys.
What it looks like is that ains that have introduced like a bit of a kill switch so that when you if you believe that you're actually getting scammed, you can pause all the outgoing payments and pourse all these net banking That's what it appears like. But I honestly fear that by then it's probably too late. You've already probably been scammed.
Right, But wouldn't it sort of save you, you know, going through the motions of calling, you know, trying to put a stop on things. I mean, at the actual even at the hint of something happening you just press the kill switch.
Oh look, it's not a bad thing at all. It's got to be a good thing.
It certainly will save you from being on the phone for thirty minutes or stressing out wondering whether.
Or not you can stop the payments.
But the typically scammers prey on victims falling to the most simplest things, and they often train the victims to actually realize that they're actually not being scammed, and by the time it's actually the time where the person wants to stop it, it's probably all too late.
They've probably already lost money.
What isn't clear is whether or not it's able to stop transactions that have happened in the past, and to how long back in the past it can actually stop them.
Do you think we're going to see more of this from other banks? Because it kind of feels like they're actually promoting it now. They're marketing the fact that they are leaders in cybers security and keeping your money safe. Do you think we're going to see more banks going down this route?
You know, it's funny because they like to do that, and that's all very well and good, and it's certainly a nice consumer thing.
To say it looks good on paper, but when it comes to like saying AFCA complaint where the customer actually reported they're scanned and actually ask them ask the bank for their money back, the bank actually comes back and says, well, hang on a second, it's.
Not our fault. You know, we're just following your instructions.
You are the one that did everything, and we're not oblig to monitor your transactions. I guess the real issue here is are they obliged to have Do they have some sort of level of interest or some sort of owners to actually monitor transactions at a basic level to stop these things, because there are tell signs.
Yeah, you know what, Thank you very much, Simon. I think you're right. The banker can come up with the best security in the future and then pitch that is.
Going to do better. They're getting better because have you had a phone call before to say that it looks like someone's trying to use your card overseas or whatever and just double checking. But also too now when you transfer, if the bank account you're transferring to hasn't been used or you haven't transferred before, you go through all of these layers of questioning as to whether or not you think that's real, and then you have to make the decision. So there's definitely owners still on the customer, but the banks they're going hard
