ANZ - ANZ Bank and Handling Internet Fraud

Posted on Friday, March 18th, 2011 at 5:36pm CDT by dbeb26b7

Product: ANZ

Company: ANZ

Location: Sydney, NS, 2000, AU


Category: Other

On Thursday 17th March 2011 my wife's bank account with the ANZ was the subject of fruadulent action. She went to an ANZ ATM and no cash was available. Someone had broken into her internet account and cleared the funds by transferring to their own account.

To ANZ's credit they setup a temporary overdraft but not until the next day. Here's where they fall down on service. My wife was the subject of a fraudulent action and the bank is supposed to protect her money. The bank's system failed to prevent the fraud. And for that they told her she would be charged a $50 overdraft fee and 15% p.a interest!

On top of that she was then told the fraud squad in the bank would probably NOT get to her within the 24-48 hour period initially advised as they are snowed under with the amount of fraud that is going on.

My tip - change your passwords regularly, use a bank that has an SMS confirmation code to confirm the transactions.

ANZ - very poor.


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