BOQ Group strengthens customer security with new crypto and biometric measures

BOQ Group have announced the implementation of new measures aimed at enhancing customer protection against fraud and scams. These initiatives include significant changes to cryptocurrency transaction limits as well as introducing behavioural and biometric onboarding checks.

“Fraud and scams continue to pose a serious threat to Australians’ financial security. At BOQ Group, we are dedicated to staying ahead of these threats by investing heavily in advanced technologies. Our new cryptocurrency transaction limits and state-of-the-art behavioural and facial biometric capabilities are integral to our digital strategy, ensuring our customers are protected,” said BOQ Group General Manager Financial Crime Operations, Ben Hargreaves.

Cryptocurrency transaction limits

To safeguard customers from the increasing threat of scams, BOQ Group is introducing restrictions and limits on payments to known cryptocurrency exchanges.

Customers on BOQ Group’s digital brands who benefit from real-time fraud and scam monitoring and intervention capabilities, will be enabled with a monthly transaction limit of $5,000 per customer.

These changes, set to go live in May, include notifications to customers when these limits are reached. BOQ continues to monitor alerts for suspicious activities, particularly those involving elderly customers. BOQ Group’s Financial Crimes Operations team reviewed over 20,000 cases in the last six months alone.

Biometric onboarding checks

To combat mule activity, BOQ Group has implemented behavioural and facial biometric identification checks at the onboarding stage. This initiative has already achieved a 98% detection rate, significantly reducing mule activity and enhancing overall security.

Additional anti-scam initiatives

BOQ Group is actively fulfilling its commitments under the Australian Banking Association’s Scam-Safe Accord, embracing a comprehensive industry-wide approach. The new initiatives include:

• Establishing a Group-wide anti-scams strategy to target critical opportunities for protecting customers from fraud and scams.
• Raising awareness among customers and bankers through targeted campaigns.
• Introducing enhanced scam warnings for high-risk customer actions and payments.
• Maintaining risk-proportionate limits for real-time payments to increase recovery opportunities when customers are tricked into moving funds through fast payment channels.
• Improving intelligence sharing across the ecosystem by participating in the AFCX Intelligence Loop, allowing BOQ Group to share intelligence with other banks and act quickly to prevent fraud and scams.

“These initiatives are part of BOQ Group’s ongoing efforts to enhance security and protect customers from fraud and scams,” added Hargreaves.

“We are proud of the progress made and remain committed to providing a safe and secure banking environment. Future plans include exploring the expanded use of behavioural and biometric capabilities, collaborating closely with the telecommunications sector, and reviewing our current payment limits.”