The Bank of New Zealand (BNZ) has launched a powerful new tool in the fight against online fraud: an “online banking lock” feature. This innovative option empowers customers to lock down their online banking immediately if they suspect unauthorized access, blocking scammers from exploiting their accounts.
Quick action to secure accounts
“BNZ is constantly working to improve protection for customers against criminal scammers,” says Ashley Kai Fong, BNZ’s Head of Financial Crime. “If customers think they’re being scammed, they should call the bank right away. This new tool, available in the BNZ app, lets them lock their online banking while they’re making that call, making it even faster to secure their accounts.”
Once activated, the lock feature disables all internet and mobile banking access, instantly shutting out any unauthorized users. To restore access, customers must verify their identity at a BNZ branch. During the lock, customers can still use their cards for in-store, online, and ATM transactions unless they choose to block their card as well. Scheduled payments, such as rent or mortgage, continue as planned to minimize disruption.
New measures to strengthen security
The online banking lock is part of BNZ’s broader investment in scam prevention, with the bank spending tens of millions annually to safeguard customer accounts. Other recent security upgrades include enhanced two-factor authentication (2FA) for high-risk actions, such as changing contact details or creating a new payee, and in-branch ID readers to detect fraudulent documents.
Customer awareness is key
Kai Fong emphasizes that while BNZ’s security tools are robust, customers also play a crucial role. Protecting passwords, avoiding suspicious links, and keeping device security up to date can all help prevent fraud. If someone suspects they’ve been targeted by scammers, BNZ encourages them to contact the bank immediately for the fastest response in securing their account.
