Money
4 new ways banks keep your details safe
Bank security has come a long way since the days of hiding your cheque book under the mattress. Today’s digital tools don’t just make banking more convenient – they make it safer, too.
By Bron Maxabella
Remember when protecting your bank details meant shredding your statements and memorising a PIN? While those were solid steps at the time, the digital world has evolved – and so have the tricks scammers use to try to get your money. Thankfully, banks are keeping up with smarter, faster and more secure ways to keep your accounts and identity safe.
Here are 4 clever innovations your bank might already be using to protect you. Fortunately, they’re surprisingly easy to use, even if you don’t consider yourself particularly “techy”.
Read this too: 6 reasons you should probably switch your bank
1. Numberless cards: A simple change that’s surprisingly secure
At first glance, a numberless card looks a bit strange – where’s the 16-digit number? The expiry date? The CVV? Turns out, leaving these off your physical card is one of the easiest ways to keep your information safe from prying eyes.
Instead, your card details live securely in your banking app, where they’re encrypted and protected. That means if your wallet goes missing, no one can copy your card details and use them online.
Currently AMP Bank is the only bank in Australia to offer numberless debit cards, but it’s anticipated that other Australian banks will adopt numberless cards in the coming years as part of a broader security enhancement strategy.
Why it matters:
It reduces the risk of someone stealing your card info just by glancing at it (or snapping a sneaky photo). And if you need your details for online shopping, they're still just a tap away in your app.
2. Biometric logins: Your face (or finger) is the new password
If you’ve ever used your fingerprint or Face ID to unlock your phone, you’ve already used biometric security. Many banks now offer biometric logins for their apps, which makes logging in both easier and more secure.
Why it matters:
Biometric data – like your face or fingerprint – is almost impossible to duplicate. It means no one can access your banking app, even if they somehow get your phone and your PIN. Plus, if you’re over having to remember 100s of complicated passwords, biometric data security is a winner.
Bonus: It’s also faster – one quick scan and you’re in.
3. AI-powered fraud detection: a digital watchdog working 24/7
You might not realise it, but artificial intelligence (AI) is quietly keeping an eye on your transactions. Banks are using smart systems that can instantly spot suspicious activity – like lots of purchases all at once, a sudden overseas purchase, or someone trying to buy 5 TVs at once – and flag it before anything goes wrong.
AI learns your personal spending habits, so if something looks out of the ordinary, it can automatically trigger a warning, freeze a transaction, or notify you via your bank app.
Why it matters:
AI-powered fraud detection means you’ve got a digital watchdog that never sleeps, constantly sniffing out dodgy behaviour before it becomes a bigger problem. Just remember to notify your bank if you’re ever planning to buy 5 TVs at once…
4. Card locking: instant control
Lost your card? Can’t remember if you left it at home or at the cafe? Instead of panicking or spending 30 minutes on hold with the bank, most banking apps now let you instantly lock – or even cancel – your card.
The best bit is, you can unlock it again just as quickly if you find it (hint: it’s probably in the pocket of yesterday’s jeans).
Why it matters:
You can act fast the moment something feels off, which can be the difference between peace of mind and a big hassle. You’re able to quickly lock your card without having to wait on hold with the bank.
Bonus: you don’t have to be a tech genius to use these features
If you’re thinking, “This all sounds great, but I’m not exactly a digital whiz,” don’t worry. These security features are designed to be simple, intuitive and user-friendly. Most banking apps walk you through each step, and if you ever get stuck, there’s usually help just a phone call or online chat away.
Plus, it’s empowering to know you’ve got smart tools in your corner helping to keep your money safe (especially in a world where online scams are getting more sophisticated).
So if your current bank doesn’t offer these smart security features, it might be time to shop around and find a bank that does. Your money – and your peace of mind – are 100% worth it.
Feature image: iStock/pixdeluxe
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