ANZ Making Two-Factor Auth Compulsory

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Forums › Finance and wealth management › ANZ Making Two-Factor Auth Compulsory

taneb1

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#147304 15-Jun-2014 21:15

Just noticed when I logged into my online banking that ANZ are making Two Factor Auth SMS's compulsory with their online banking system

You’ll need to use OnlineCode to make the following types of transactions:

Setting up new payees
Setting up automatic payments
Payments over $10,000
Sending money overseas
Also..
If you've skipped the OnlineCode registration process once, you’ll need to complete your registration before you can log in to Internet Banking again.

Can understand it for payments over a certain amount and sending money overseas, but can't see why it would need to be compulsory for the new payee's and automatic payments (if yoru setting up 3-4 new bill payments you would need to enter 3-4 different codes)

According to the page you have to call them for a solution if you don't get mobile coverage, or have access to a cellphone, would be interesting to see what the alternative is.

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Jase2985

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#1066207 15-Jun-2014 21:20

im guessing if your account gets hacked the hacker cant just setup their account and then clean you out, as you would need to authenticate their account first

khull

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#1066208 15-Jun-2014 21:21

My current experience with Online Code is once you enter it once (e.g. during log in, your entire session is authenticated and no longer required. They might be changing that policy

I find that frustrating especially with overseas banking requiring a local number for SMS. Wish virtual numbers like are more prevalent

taneb1

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Mercury

#1066211 15-Jun-2014 21:26

Jase2985: im guessing if your account gets hacked the hacker cant just setup their account and then clean you out, as you would need to authenticate their account first

Just tested it with the settings turned on for Automatic Payments and New Payees. Looks like it doesn't apply to One-Off Payments, so wouldn't stop them transferring to an account within NZ.

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sbiddle

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#1066214 15-Jun-2014 21:31

As I found out a few weeks ago their two factor is also broken and doesn't work with IE11. I tried repeatedly to get the SMS and it didn't work. A call to ANZ told me to use another browser and it's a known issue.

DarthKermit

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#1066366 16-Jun-2014 06:59

There was a debate over on TradeMe about the same issue. Apparently there is a way of opting out of this if you don't have a cellphone. I've never liked cellphones and choose to not have one.

Whatifthespacekeyhadneverbeeninvented?

sir1963

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#1066367 16-Jun-2014 07:12

Hey, maybe I will see fewer ANZ Bank phishing scams come though my email now

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Shop now for Dell laptops and other devices (affiliate link).

timmmay

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#1066389 16-Jun-2014 08:31

This will be about risk reduction for the bank, something they're big on. They're liable for some kinds of money loss events, they're trying to lose less money. This will either result in better profits for the bank or lower fees for customers - likely the former I guess.

nakedmolerat

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#1066391 16-Jun-2014 08:55

ANZ Android app does not require password to login - it uses your 4 digit pin.

sbiddle

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#1066421 16-Jun-2014 09:35

nakedmolerat: ANZ Android app does not require password to login - it uses your 4 digit pin.

I'd love to know how many people use the same PIN as they do for their card!

We've learnt in recent weeks with the current scams that when asked for a random 4 digit number people use the same number as their ATM card.. Full credit to the scammer who worked that out!

timmmay

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#1066429 16-Jun-2014 09:43

sbiddle: We've learnt in recent weeks with the current scams that when asked for a random 4 digit number people use the same number as their ATM card.. Full credit to the scammer who worked that out!

Stupid people, not all people.

old3eyes

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#1066452 16-Jun-2014 10:11

Good idea on the part of ANZ. I have used this on my ASB account for some time now..

Regards,

Old3eyes