ANZ ditches passwords for 1 million accounts in bold shakeup

For many Australians, online banking has become essential to managing finances. It offers convenience and quick access to accounts from the comfort of home.

That convenience, however, often comes with its own set of challenges. Remembering multiple passwords and keeping them secure can be difficult, especially as cyber threats become increasingly sophisticated. 

If you’re one of the one million Australians banking with ANZ Plus, there’s good news ahead. ANZ is introducing a significant change that will transform how you access your money online.

In a move hailed as ‘revolutionary’, ANZ is scrapping passwords for its digital banking platform, making it the first major Australian bank to go fully passwordless for internet banking.

From mid-2025, ANZ Plus customers will no longer need to remember (or reset!) a password to access their accounts online. Instead, you’ll have two new ways to log in:

1. Passkey Authentication: This could be your fingerprint, facial recognition, or your mobile device’s PIN. It’s the same technology many of us already use to unlock our phones or tablets. 
2. Mobile Number Approval: Enter your mobile number and receive a login request in your ANZ Plus app. Approve it, and you’re in.

This shift is designed to make banking easier and more secure. There will be no more sticky notes with passwords on the fridge, no more ‘forgot password’ emails, and—most importantly—no more risk of your password being stolen in a data breach.

According to ANZ Group Executive for Australia Retail, Maile Carnegie, this move would ‘revolutionise’ how customers access their bank accounts and provide an extra layer of security.

‘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.

The bank pointed out that passwords are a weak link in online security. They can be stolen in phishing attacks, leaked in data breaches, or even guessed if you use the same password across multiple sites.

Recent research by cyber intelligence firm Dvuln revealed that cybercriminals have shared more than 31,000 passwords belonging to customers of the ‘Big Four’ banks online, including 7,000 from ANZ. 

Most of these leaks happened because people’s devices were infected with malware, not because the banks were hacked. By removing passwords, ANZ hopes to protect customers from attacks, especially malware like Infostealer, which targets saved passwords on devices.

How does this compare to other banks?

ANZ isn’t alone in rethinking online security. Other major banks are also moving away from traditional passwords.

NAB has announced plans to phase out passwords within five years, replacing them with passkeys and biometric recognition. Its digital bank, Ubank, already uses passkeys for app access.

Commonwealth Bank recently introduced multi-factor authentication for its NetBank platform. Using the CommBank app, you’ll get a prompt to confirm every web login attempt. 

Westpac is also exploring biometric and app-based authentication, though it hasn’t announced a complete password phase-out yet.

Is passwordless banking safer?

You might wonder: if there’s no password, what’s stopping someone from accessing my money?

The answer lies in the technology behind passkeys and biometric authentication. Unlike passwords, your fingerprint or face can’t be ‘guessed’ or stolen in a phishing email. 

Because authentication happens on your device, there’s no password stored on a server that could be leaked in a data breach.

Of course, no system is 100 per cent foolproof. If someone steals your phone and knows your PIN, they could access your account. That’s why keeping your devices secure and reporting any lost or stolen phones to your bank immediately is still essential.

ANZ has also promised to provide support and guidance for customers as they make the switch. If you have questions or concerns, don’t hesitate to contact your local branch or the ANZ customer service team.

ANZ Plus is just the beginning. The bank plans to migrate all six million of its retail customers—and one million Suncorp banking customers—to the digital platform by 2029. That means passwordless banking could soon become the norm for millions more Australians.

Are you excited about ditching passwords, or does the idea make you nervous? Have you tried biometric or app-based banking yet? Share your thoughts and experiences in the comments below.

Also read: Australia’s most common passwords—and how to create a stronger one