ANZ is set to implement new security measures in 2024 to protect its customers from scams and financial crime. This move comes after the bank successfully prevented over $106 million in losses to cybercriminals in the previous year, marking a 38% increase from the year before.

The bank also recorded a 43% reduction in customer losses in the last quarter of FY23. These figures align with the Australian Government's National Anti-Scam Centre update, which reported a 26% reduction in scam losses from July to September 2023, down 43% from the same quarter in 2022.

ANZ's new measures for 2024 include increasing personalised warning messages to inform customers when a transaction or activity is considered high risk, plus introducing a new Scam Scoring model using AI, which complements the bank's existing scam detection efforts. It's also expanding customer reach to report scams, added new algorithms to its Mule Detection capability to further restrict the movement of scam proceeds to organised crime, and is delivering new personalised education resources for customers.

"Cyber events, data breaches, scams, and fraud activity continue to be a challenge to the community in 2023, however we're seeing results from our response. ANZ continues to take action, introducing additional measures to protect our customers and the community from sophisticated criminal networks,"ANZ Head of Customer Protection, Shaq Johnson, said.

Johnson anticipated a shift in scammer operations as well. "This year, we expect to see a shift in the way scammers operate, from targeting card transactions over digital fast payments, to increasingly targeting peer-to-peer and other emerging payment channels to circumvent traditional payment controls."

ANZ said it continued to collaborate with other banks, industries, and the government to identify and address scam trends and protect Australians from emerging threats. Johnson urges ANZ customers to remain vigilant,