ANZ has announced it will become the first Australian bank to introduce fully password-free web banking account log-ins.
Passwordless banking will be a feature of its soon-to-be-launched ANZ Plus Web Banking portal, set to debut in mid-2025.
The new capability will effectively replace password logins with “stronger authentication methods”: with the choice of either a passkey, enabled through a biometric (fingerprint or face recognition) or mobile device PIN, or by users entering their mobile number and approving a login request sent to their ANZ Plus app.
Password-based authentication is considered increasingly vulnerable to breach, with modern brute force methods capable of cracking passwords within seconds, while an increasing barrage of social engineering and phishing attacks heightens the risk of passwords being disclosed to nefarious actors.
ANZ group executive Australia retail Maile Carnegie hailed the new log-in feature as a “revolution[ary] way [for] customers access their bank account”.
“Not only will it be easier than ever to log into your account, we’re helping our customers bank with confidence knowing their accounts are secure.
“By introducing this change, we’re helping prevent customer log in details from the risk of data breaches or phishing attacks – providing an extra layer of protection and one less thing for customers to worry about when it comes to banking security.”
Passwordless authentication will be launched alongside ANZ’s previously announced Digital Padlock feature, which will enable customers to instantly ‘lock down’ access to their accounts if they suspect they are being targeted by cybercriminals.
ANZ also utilises ‘selfie IDs’ (face recognition identity checks), created during onboarding, to reset access PINs and in requests for payment limit increases.
ANZ Plus, launched in 2022 as an app-only digital banking platform, currently counts around one million customers, with plans to migrate the bank’s six million customers (including an additional 1.2 million from the recently acquired Suncorp Bank) onto the platform in the coming few years.
