ANZ is scrapping passwords for internet banking for its digital banking arm ANZ Plus. The move makes it the first Australian bank to offer a fully passwordless internet banking option.

From mid-2025, ANZ Plus customers will be able to log into internet banking through two authentication methods. Either by using a passkey, which could be their fingerprint, face or mobile device PIN, or by entering their mobile number and approving a login request sent to their ANZ Plus app.

ANZ Group Executive for Australia Retail Maile Carnegie said the move would “revolutionise” the way customers accessed their bank account and provide an extra layer of security.

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“Not only will it be easier than ever to log into your account, we’re helping our customers bank with confidence knowing their accounts are secure,” she said.

“By introducing this change, we’re helping prevent customer log in details from the risk of data breaches or phishing attacks – providing an extra layer of protection and one less thing for customers to worry about when it comes to banking security.”

ANZ said the removal of passwords could also help protect customers from malware attacks including Infostealer, where exposed passwords are at risk of infection and breaches.

Cyber intelligence researchers Dvuln recently revealed more than 31,000 passwords belonging to customers of the Big Four banks had been shared amongst cybercriminals online, including 7,000 ANZ customers.

This was due to devices being infected with Infostealer malware, rather than vulnerabilities on the major banks parts.

What is ANZ Plus?

ANZ Plus was launched by ANZ in 2022 as its digital banking platform.

It hit one million customers in March and nearly $20 billion in deposits.

Carnegie said ANZ Plus would become the "bedrock" of ANZ's retail bank and it would begin to migrate ANZ customers to the digital platform over the coming years.

The major bank has previously said it plans to run its entire retail bank on ANZ Plus by 2029, which would include six million retail customers and one million Suncorp banking customers.

Major banks move to scrap passwords

Fellow major bank NAB revealed it planned to phase out passwords for internet banking within the next five years, replacing them with passkeys and biometric recognition technology.

NAB’s own digital bank Ubank has already introduced passkeys for customers to access their banking app.