ANZ Bank has announced that its ANZ Plus platform will go fully passwordless by mid-2025, potentially becoming the first major Australian bank to eliminate traditional password authentication for online banking. The initiative will affect over one million customers and is part of a broader shift toward more secure and user-friendly authentication methods across the financial sector.
Passkey and Mobile App Verification to Replace Passwords
Under the new system, ANZ Plus customers will be offered two login options: passkey authentication—which can include biometric methods like fingerprint or facial recognition, or a device PIN—and mobile number verification via the ANZ Plus app. The goal is to reduce reliance on passwords, which are increasingly vulnerable to phishing, data breaches, and credential theft.
“The introduction of Password-less Web Banking will revolutionise the way customers access their bank account,” said Maile Carnegie, ANZ Group Executive Australia Retail. “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.”
The passwordless rollout builds on the bank’s broader digital modernization strategy and aligns with emerging global standards. Passkey authentication, backed by cryptographic protocols, offers a more secure alternative to passwords and eliminates the need for users to remember login credentials.
Part of a Broader Industry Shift
ANZ’s move mirrors a wider trend toward passwordless systems in both the public and private sectors. In Australia, VicRoads recently introduced passkey login for its 5 million users, while NAB announced plans to phase out passwords in favor of biometric authentication by 2030.
The global momentum behind passkey adoption is being driven in part by the FIDO Alliance, which has highlighted expected breakthroughs in banking and payments authentication throughout 2025. Visa, for example, has already implemented passkey authentication for online transactions, signaling growing confidence in these standards across high-security industries.
By eliminating passwords for ANZ Plus users, the bank hopes to significantly reduce customer exposure to common cybersecurity threats. According to ANZ, this shift not only enhances security but also simplifies the user experience, helping customers log in faster and with greater peace of mind.
Sources: SecurityBrief, CyberDaily, MobileIDWorld
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May 2, 2025 – by Ji-seo Kim
