While Australians are increasingly concerned about the security of their money in an age of scams and cyber-crime, customer-owned banks have lifted their protection mechanisms to ensure your money is safe. That’s on top of the strict regulations that were already in place, and here at P&N Bank, we’re no different.
Here are some of the measures you can rely on to shield your hard-earned cash from external threats when you bank with us.
Transaction monitoring
We have comprehensive security measures in place to ensure your accounts and personal information are protected from unauthorised access. Osko transactions processed through internet banking and our mobile app, and card transactions are monitored 24 hours a day, seven days a week.
Where our transaction monitoring identifies a payment that requires your confirmation, our fraud department will contact you via phone or SMS detailing the transaction in question. You will be asked about the transaction and need to confirm whether it is genuine or unauthorised.
Remember - never give out identification information or security codes if the call you receive is unsolicited. Call us directly on 13 25 77 to speak to a P&N Bank team member and help protect yourself and your accounts.
Visa Secure
P&N Bank Visa Credit and Visa Debit cards are equipped with protection from Visa Secure. Visa Secure is an additional layer of protection when you're purchasing goods and services online through participating Visa Secure merchants.
When you complete your payment with Visa Secure, we're able to make additional security checks to ensure your card details have not been compromised. It helps prevent people from using your details without your permission.
Same rules apply
Did you know that we’re bound by the same rules as bigger banks are? Just like Australia’s well-known ‘big four’ we have to follow strict rules and regulations.
As a customer-owned bank, we’re a member of the Customer-Owned Banking Association (COBA) and follow the Customer Owned Banking Code of Practice (COBCoP). This code clearly and transparently outlines what a customer can expect when dealing with us, and it is underpinned by seven key promises to protect the financial wellbeing of all our customers.
United to crack down on scammers
After the recent rise in scams activity, COBA joined forces with the Australian Banking Association (ABA) in an accord to fight fraudulent activity. Together, there’s a commitment in place to deliver an industry-wide solution for the confirmation of payees, increase the verification threshold, and introduce new warnings and payment delays to protect your money. The accord is also investing in an expansion of intelligence sharing and limiting payments to high-risk channels.
Government protection
The deposits you hold with us are secured by an Australian government guarantee which is known as the Financial Claims Scheme (FCS). Banks, building societies and credit unions – otherwise known as Australian Deposit-Taking Institutions (ADIs) – are all protected by this guarantee. All ADIs are also regulated and closely monitored by the Australian Prudential Regulation Authority (APRA) to ensure soundness and to reduce the likelihood of a financial institution failing.
Put simply, in the unlikely event that a bank collapses, this all means that a safety net of up to $250,000 per customer, per ADI, would apply. The FCS can only come into effect if it is activated by the Australian government and administered by APRA, and this will only happen should an ADI fail.
What can you do to protect yourself?
While you can rest assured knowing we’re working hard to keep your money protected from scams, there are several things you can do to further limit fraudulent activity and keep your personal data and money protected. These include:
- Deleting suspicious messages or hanging up immediately if you get an unsolicited call.
- Verifying a sender or caller’s details by directly contacting the company or agency they claim to be from on their main phone line, independently verified by yourself.
- Regularly changing your login credentials – use a passphrase of four or more words instead of an easily forgettable password.
- Keeping up-to-date on the latest scams that are doing the rounds, and educating yourself as well as your friends and family members.
P&N Bank will never perform unsolicited phone calls asking you to confirm bank account details such as your account number, current balance or internet banking security password. You should be wary of unsolicited calls supposedly from your financial institution or trusted organisations like the ATO or Centrelink.
We may occasionally contact you to inform you of our products and the services that we think may be of interest to you but this contact will not require you to identify yourself or provide personal or financial information. If you are concerned about the legitimacy of a phone call you have received, please ask the consultant for their name and advise that you will call them back via our Contact Centre on 13 25 77. This will ensure you are speaking to P&N Bank directly and not an individual attempting to impersonate us and obtain your personal information.