Hundreds of Commonwealth Bank and ANZ customers have fallen victim to a phishing scam after downloading fake Android banking apps. The malicious software, which closely resemble the ANZ and CBA banking apps, remained undetected on the Google Play Store for weeks. Here's what you need to know.
Tagged With banking
It’s been a long time since we’ve seen some genuine innovation in the banking industry. Australia’s Big Four banks have had a stranglehold on our wallets for decades, with a lack of competition keeping fees high and consumer choice low.
Even as the internet, smartphones and apps transformed other service industries - taxis, hotels, even your Friday night takeaway - little changed in the banking sector. In fact, it was only late last year that archaic fees for using another bank’s ATM were scrapped.
Meanwhile, things have been moving a little faster in the US and Europe, where digital banks have been taking advantage of developing technologies and relaxed regulations to launch seriously attractive alternatives to the legacy banks.
Frequent Lifehacker readers already know that I need all the help I can get when it comes to saving money, so it should come as no surprise that I am interested in the ways people attempt to save money. Is it as simple as putting a few dollars into a different account every month? Or do I need to take a more concerned effort?
With the Commonwealth Bank's online systems off the air, lots of people have been hit with the inconvenience of not having 365/24/7 access to their funds. As someone who remembers the days when banks were only open from 9:30AM to 4:00PM and never on weekends, I see this a minor hassle although i get why it can be a bigger pain in the butt for others. Fortunately, just because your bank is offline, you don't have to be compelled curt off from being able to buy your lunch or pay a few bills.
Last week, we were given a sneak peak at Halo: a new contactless payment system from Bankwest that puts your banking details into a ring. Boasting batteryless, app-free operation and waterproofing up to 50 metres, it's the first "IoT wearable" concept that I'm actually exited about.
It's also one of the cheapest wearables on the market, with an introductory price of $29. Here's what you need to know!
The major Australian banks are following familiar public relations tactics in requesting a parliamentary commission of inquiry into banking and financial services. When the public mood is against an industry, it will try to win the public over, while getting the politicians to ignore the public mood. If that fails, the industry gradually concedes ground until attention goes elsewhere.
Daniel Bergan is Westpac's lead on customer experience and has been at the forefront of the bank's recent technology transformation. Despite Westpac being around for 200 years, Bergan says the company has gone through many transformations. But the pace of change has accelerated recently. At the Verint Engage conference held in Melbourne on 6-7 September, he spoke about this transformation and how it impacts customer interactions.
Earning an MBA is a surefire way to prepare yourself for success in the world of business, but not everyone has the funds, or time, to shell out for a university education. Fortunately, you can still master the essentials of the field with the MBA Bootcamp Bundle.
When Apple Pay, the contactless payment service for iPhones and Apple Watches, launched last year it was only available to American Express customers. Apple then partnered with ANZ Bank, but the service remained largely unavailable to individuals using other financial institution. The good news is 31 banks have signed up to offer Apple Pay to their customers through one of Australia's largest payments solutions provider Cuscal. Here's the list of new banks that have jumped on-board Apple Pay.
The Commonwealth Bank of Australia (CBA) has used blockchain technology to complete a trade transaction with a major US bank to facilitate the sale of cotton to China. Blockchain technology is often associated with the cryptocurrency Bitcoin but it can be used broadly to track ownership and authenticity of documents as well as digital and physical assets. CBA is claiming it as 'the first global trade transaction between two independent banks'. Here are the details.
This week, Australia's four major banks were forced to explain why they are raking in billions of dollars in profit at the expense of consumers to a parliament hearing. They were also grilled about a string of banking scandals in recent years. Here's a summary of what the Commonwealth Bank, ANZ Bank, NAB and Westpac had to say for themselves.
The governmnent’s new laws to tackle manipulation of the bank bill swap rate may seem like a crackdown on badly behaving bank employees but in reality the Australian Securities and Investments Commission (ASIC) hasn't used the full force of the law in the past to prosecute. So perhaps it's time Australia followed the lead of the US and UK who are really using law to hold banks to account.
The Commonwealth Bank of Australia (CBA) has blamed a programming error for approving personal account overdrafts applications that should have been rejected. As a result, the bank has been fined $180,000 by the Australian Securities & Investments Commission (ASIC) for violating responsible lending laws and has been forced to write off $2.5 million in loan balances. Here are the details.
Android Pay's debut in Australia has been in the works for months and if rumours are to be believed, the service could begin trials as early as this week. Somewhat surprisingly however, just one of the big four will be involved in the launch.