Customers will receive a text if ANZ is concerned by activity involving eftpos, credit or debit cards. Photo: RNZ / Marika Khabazi
The country's biggest bank is strengthening its anti-fraud measures.
ANZ will introduce a new text message service to alert customers who have unusual transactions flagged on their eftpos, credit or debit cards.
Currently, when the bank identifies an unusual transaction, they phone to check if it is legitimate. The bank may also block the card in the interim.
The new system, Fraud Check, will alert customers to any transactions identified as unusual via text message.
Customers will receive a text to their listed mobile number asking them to validate the transaction with a "yes" or "no".
The message will include details about the transaction (amount, merchant name and the last four digits of the card used) or account activity.
"While moving quickly to block a customer's card is a great way to stop funds being lost to fraud, it is frustrating for customers when it is a legitimate transaction," managing director of personal banking Ben Kelleher said.
"Fraud Check will mean customers can confirm quickly via text and take out some of that hassle.
"While only 0.06 percent of transactions are fraudulent, because ANZ processes 67 million transactions per month these add up quickly."
