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AMP Bank GO strengthens fraud protection with innovative security measures
Borrow
AMP Bank GO strengthens fraud protection with innovative security measures
AMP Bank GO has emerged as a formidable player in the fight against financial fraud, with its innovative security measures setting new standards in the digital banking sector. Since its launch in February, the bank has taken significant strides to protect its customers from scammers and fraudsters, preventing over 1,000 fraudulent account attempts and virtually eliminating online card fraud with its numberless debit cards.
AMP Bank GO strengthens fraud protection with innovative security measures
AMP Bank GO has emerged as a formidable player in the fight against financial fraud, with its innovative security measures setting new standards in the digital banking sector. Since its launch in February, the bank has taken significant strides to protect its customers from scammers and fraudsters, preventing over 1,000 fraudulent account attempts and virtually eliminating online card fraud with its numberless debit cards.
The bank's commitment to security is evident in its robust onboarding process, which includes a selfie video verification step. While this may add a few extra minutes to the setup time, the bank argues that these minutes are crucial for ensuring the safety of its customers. "Taking a moment to scan your licence or passport and record a quick selfie video might feel like a hassle, but it’s a small step for big peace of mind," said John Arnott, Director of AMP Bank GO. This approach underscores the bank's philosophy of prioritising security over speed, a stance that is resonating with its customers.
One of the standout features of AMP Bank GO's security arsenal is its numberless debit cards. By eliminating the 16-digit number printed on traditional cards, the bank has made it virtually impossible for scammers to commit online fraud. In the event that a card is lost or stolen, customers can quickly cancel it through the app and continue their transactions by adding a new card to their digital wallet. This feature, combined with the bank's 24/7 fraud monitoring, offers a robust defence against financial crime.
In addition to these measures, AMP Bank GO has recently introduced a new in-app feature designed to combat phone scams. The "Your Bank is Calling" tool provides real-time alerts to confirm the authenticity of calls from the bank. Customers will see messages such as "We’ve never called you" or "You’re on a call with AMP Bank GO," which help them determine whether to hang up or stay on the line. This feature builds on the bank's existing security measures, which include biometric authentication, behavioural analytics, and real-time fraud detection.
"We’ve seen it all, from fake to mis-matched IDs – the lengths fraudsters go to is nothing short of extraordinary," Arnott remarked. "Digital criminals are getting bolder and smarter. The threat landscape is always evolving, and so are we. AMP Bank GO is built with purposeful friction – smart, security-first steps that protect customers and the community. Digital banking should be fast, but never at the cost of safety."
The importance of such measures is underscored by recent statistics from the Australian Bureau of Statistics, which reveal that more than 2 million Australians fell victim to card fraud in the past year. Additionally, AMP Bank GO's own research found that nearly one in four Australian small businesses have been targeted by fraudsters, with many feeling that their banks do not offer adequate cyber security and fraud protection.
To further assist customers in safeguarding their finances, AMP Bank GO has released a list of top scam safety tips. These include verifying callers by hanging up and calling back on a publicly listed number, taking time to confirm details before acting, being cautious on social media, noting suspicious details, and protecting devices from unauthorised access. The bank encourages customers to "Always Stop. Check. Protect." to stay safe from scams.
Arnott emphasised the importance of customer vigilance, stating, "We’re asking Australians to embrace these steps – because they work." He added that the introduction of the "Your Bank is Calling" feature allows customers to "stop a scam before it starts," reinforcing the bank's commitment to protecting its customers and their financial wellbeing.
Customers who believe they have been scammed or suspect fraud are urged to contact AMP Bank GO immediately, either through the app or by calling 1800 950 105, available 24/7. Through its innovative security measures and customer-focused approach, AMP Bank GO is setting a new benchmark in the fight against financial crime, ensuring that Australians can bank with confidence and peace of mind.
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