Login
ISCOVER
The big four bank has shared several best practice tips to help brokers protect their businesses and clients.
ANZ has encouraged mortgage brokers to take simple measures to guard their businesses and clients from cyber fraud as part of the bank’s initiatives for Cyber Security Awareness Month.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
In the 12 months to June 2024, ANZ reportedly helped prevent more than $120 million in customer losses to fraud and scams and the major is making an ongoing effort to equip Australians with tools to protect themselves.
As part of this effort, ANZ outlined four steps every mortgage broker can take to stop cyber fraud befalling their business or customers :
- Pause, evaluate, and verify communication whenever information is requested from a party.
- Activate multifactor authentication (MFA) across digital devices and online accounts to add an extra layer of security between data and cyber criminals.
- Turn on automatic software updates to address the weaknesses that come from outdated software, which can make devices vulnerable to cyber attacks.
- Avoid reusing passwords and change passwords often.
Marc Broome, ANZ senior manager, complex investigations, said it’s crucial that mortgage brokers do everything they can to protect their businesses and their clients from scams and fraud.
“For anyone running a business, including mortgage brokers, it’s important to have the right knowledge and tools to protect both the business and your clients. That includes knowing how to spot threats and safeguard information,” Broome said.
“Cyber security is everyone’s business, and simple measures can make a big difference in guarding against fraud threats.”
Security in focus
These suggestions come as an ANZ survey of 1,000 Australians revealed that three-quarters (75 per cent) of respondents hadn’t enabled multifactor authentication (across all of their online accounts and digital devices.
Broome said as cyber criminals gain access to increasingly advanced technology, simple measures can provide effective protection.
“Fraud and scams continue to put Australians at risk of financial loss and emotional hardship,” Broome said.
“As cyber criminals gain access to increasingly advanced technology, it is crucial for Australians to remain aware of where they’re most at risk and learn how we can all protect ourselves against scams and fraud.”
Best practice
Earlier this month, National Australia Bank (NAB) also provided tips to help mortgage brokers shore up their defences against cyber threats in an opinion piece on The Adviser written by Laura Hartley, the bank’s head of group security culture & advisory.
Hartley said NAB Group Economics research showed three in 10 Australian small and medium-sized enterprises (SMEs) experience a cyber attack or data breach during the life of their business.
“Common threats included malware, ransomware, phishing, and business email compromise, including invoice scams,” Hartley said.
“To combat these threats, brokers need to stay alert to the red flags of cyber crime and scams and take proactive steps to help mitigate the risks.”
JOIN THE DISCUSSION