In our last edition of the Beyond the Bank Member Newsletter, we asked members what they wanted to hear more about and resoundingly it was ‘Safe and secure online banking’.
As more members embrace the convenience of online banking, we are urging our members to sharpen their digital safety habits. Cybercriminals continue to evolve their tactics, but we’ve interviewed several experts within Beyond Bank who say a few smart practices can dramatically reduce risk.
While security systems are stronger than ever, member awareness remains a crucial line of defence. The most effective protection often comes down to simple, consistent habits. Some of which we’ll share with you now.
Strong passwords: Your first line of defence.
Tim, Head of Cyber Security Operations Information Technology, says password strength is still one of the most underestimated safety measures, and often the passwords we select are too short.
“People think hackers are sitting there guessing passwords manually,” Tim explains. “In reality, it is automated systems trying billions of combinations. A 13-character password would, with current technology, require longer than the sun has left to live for it to crack.”
If you find the thought of remembering 13 characters a little daunting, then Tim suggests that “instead of 13 random characters it could be a random sentence, a line from your favourite song, a movie quote or three random words with characters/numbers between them”.
Multi-Factor Authentication: A must-have.
Ryan, Digital Specialist, emphasises the importance of Multi-Factor Authentication (MFA) when using Internet Banking or the Mobile App.
“MFA is one of the simplest ways to stop unauthorised access,” he says. “Even if someone gets your password, they still can’t get in without that second verification step. It could be facial biometrics set up on your device, fingerprint ID or setting up SMS codes for banking activities.”
It’s critical that when you do set up MFA, you ensure the device receiving any verification codes is also protected by authentication. You should never disclose any verification code to anyone, even if it appears legitimate. Scammers often know that they need to get around MFA so will find a convincing story which will entice you to hand it over.
Stay alert for scams.
Phishing scams remain one of the most common threats. Our Senior Customer Care Team Leader, Fleur, warns that scammers are becoming increasingly sophisticated.
“Scammers mimic real bank messages such as email and text almost perfectly,” Fleur notes. “If you receive a text or email urging immediate action, pause and consider. You can check here for verified contact or call us on our verified number, 13 25 85. Never click a link you weren’t expecting.”
Who’s that calling?
Another common threat to our members is what we call impersonation scams.
“Scammers will call our members, impersonating our teams”, says National Manager - Customer Relationship Centre, Brent.
“They may tell you there has been unauthorised access to your account, and they want to help you protect it. They will ask you for codes which are sent to your mobile or even be so brazen as to ask you to transfer money to a ‘newly created account’.”
It’s important that our members know we would never call and ask them to transfer money and that if they do receive an SMS, pay attention. Read the SMS in full, as our SMS contain scam warnings and advise you to never provide the code to anyone. If in doubt, hang up and call us on 13 25 85.
Scams and your loved ones
Not only do we want our members to be scam-savvy, but we want them to share this knowledge with their loved ones.
“We run regular scam awareness sessions for our members and local community groups because education is one of the strongest defences against fraud,” said Rachael, Customer Engagement Liaison.
“One of the most common questions we hear is, ‘How can I protect my loved ones, especially older relatives, from scams?’ The best thing you can do is start the conversation early. Talk openly about common scam tactics, remind them to pause before acting on unexpected calls or messages, and encourage them to check with someone they trust before sharing personal information or transferring money. Even a single conversation can make a huge difference, helping them recognise red flags and feel confident to Stop, Check and Protect.”
The bottom line.
Online banking is safe when you combine strong personal habits with the protections we provide. The message is clear: stay alert, stay updated, and take password strength seriously.
