ANZ will instantly replace lost or stolen cards with digital wallets

Peter Terlato 13 January 2017

digital wallet shopping shops

Customers can continue banking using their smartphone.

ANZ customers whose debit and credit cards are either lost or stolen now have the ability to continue making purchases in the real world and accessing their accounts online using their digital wallets.

The Aussie bank says once a customer calls to report their card missing, a stop will be placed on the card and new virtual replacement card details will automatically be uploaded to the customer's digital wallet.

A new physical card will be sent via post, which can take several days, but ANZ managing director products Australia Katherine Bray believes smartphones are now the primary banking facilities.

"Our customers report about 670,000 cards as lost or stolen each year and we know waiting for a new card to arrive can be a real inconvenience," she says.

"For many customers their smartphone is now the primary way they do their banking, including making purchases, so we’re working hard to keep improving their mobile experience with changes like this."

As part of the new offering, customers will be able to maintain their existing Personal Identification Number (PIN), provided it hasn’t been compromised.

ANZ is the only major Australian bank to offer both Apple Pay and Android Pay to its customers.

A new industry report calls for investment banks to take advantage of technological innovations by optimising outdated operating models, improving automation and undertaking a digital transformation.

Australians may be comfortable allowing robots to diagnose health issues and even prescribe treatments but we're a worrying bunch when it comes to mobile phone security, and with good reason.

A recent study by finder.com.au found Australians are most concerned with offenders appropriating, stealing or defiling their identity (35%) or defrauding them of their finances (33%).

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