Fraud and ANZ
At the beginning of the year, ANZ bank employees were notified that out of 144 jobs, 23 employees will not be kept working. And now after a sixth of ANZ’s security department had been let go, ANZ staff warns that a surge of fraud is predicted to rise, Business Day (of the Sydney Morning Herald) reports.
The majority of employees who were cut off were part of a security team that monitored and corrected the misuse of internet banking, cheques, mortgages, personal loans, car loans and Eftpos facilities (including ATMs). And ANZ management still plans to continue with job cuts, not realising the impact that this would have on their company.
In their own defence, an ANZ spokesman released a statement to the public to ensure and convince customers that they were safe from fraud. The statement argues that the changes that ANZ management have made for the bank “reflects our continued investment in technology, which means we’ll be able to provide the same level of fraud protection without the need for as much manual intervention”.
Essentially, ANZ argues that technological security is less prone to human error and is much more efficient. However their staffs don’t seem to agree; although technology could compensate for human error, who is there to compensate for machine error?
The Australian Payments Clearing Association released statistics in December that showed credit fraud had risen by $39 million since 2010.
As well as dangerous job cuts, the bank also plans to send jobs to the Philippines which only goes further in raising doubts over the bank’s security. With 700 jobs expected to be cut by the end of the year, ANZ bank might end up losing more than simple employees.
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