What is ANZ Shield?

Samuel Clennett
4 minute read

ANZ is one of the biggest banks in Australia, offering a range of personal and business banking services. And as you’d expect from a leading bank, ANZ is pretty good when it comes to security. It even has its own security app, ANZ Shield.

In this guide, we’ll take a look at how the ANZ Shield app works and how you can use it to protect your account when using online and mobile banking with ANZ.

Security should be your top priority when choosing banking and other financial services. If you’re looking for a secure, fully protected way to send and receive money internationally, open a free account with Wise. You’ll get bank-level data security measures, and a dedicated in-house team of financial security specialists¹.

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But let’s get back to what you came here for – an overview of the ANZ Shield app.

What is ANZ Shield?²

ANZ Shield is a dedicated security app. It’s designed for internet and mobile banking customers with ANZ, giving them a convenient way to protect their accounts and manage money securely.

It can be used alongside ANZ internet banking and the ANZ App, which allows you to manage day-to-day banking on the move. One of its main functions is to generate a one-time passcode, also known as a Shield Code. These codes are needed to authenticate payments and changes to your account, all for your security.

Before apps like ANZ Shield came along, your only options for securely authenticating transactions were to either receive an automated call or text, or to use a physical gadget to generate a secure code. But this gadget has now been replaced by your phone, so that’s less clutter in your pocket. Simply install the ANZ Shield app and you’ll have a conveniently built-in authentication device with you at all times.

How does it work?³

The ANZ Shield app generates one-time passcodes for use with ANZ internet banking.

The way it works is very simple. When you’re setting up a payment on the ANZ app or you’re logged into internet banking, you may be prompted for a Shield Code. To get this, you’ll simply login to the pre-installed ANZ Shield app on your phone, generate a Shield Code and enter it on the app or internet banking. Et voila – your payment is securely set up.

You’re likely to have come across one-time passcodes before. They’re commonly used by banks to add an extra level of authentication when you’re making external transfers or major changes to your account. Sometimes they’re sent in the form of a text message, or even an email.

ANZ has simply created a separate, secure app to help you generate codes. This means you won’t need to carry a physical code generator gadget with you in order to manage your money on the go.

How secure is it?

It’s only natural to have concerns about security when using internet banking, or managing your money on your smartphone. But the good news is that apps such as ANZ Shield are specially designed to add extra layers of security. By generating unique one-time passcodes, the ANZ Shield app verifies to the bank that it is actually you making payments.

However, if you regularly manage your money using smartphone apps, it’s still a good idea to use multi-factor authentication. This means extra steps to verify that payments and other transactions are genuine. This is something you can enable when you bank with ANZ⁴, so make sure to select this option when you see it.

You should also protect your phone as well as securing your banking apps.

You’ll need a four-digit PIN⁵ to access ANZ Shield, and login info or fingerprint recognition to get into your banking app – but you should also make sure your phone is locked or otherwise password protected.

As a final step, you can protect your phone with anti-virus software. All of these measures ensure that even if your phone is lost or stolen, no one can access your banking information or authorise transfers without your knowledge.

Are there any alternatives out there?

ANZ Shield is the only app you can use to generate one-time passcodes to use with ANZ internet banking. This is as it should be, as only the authorised app should be able to generate codes to authenticate payments.

But you can use a range of other apps and services to protect mobile banking on your phone. For example, anti-virus software – ANZ has a range of McAfee LiveSafe software subscription offers⁶ for its customers, which protect smartphones and tablets as well as PCs and laptops.

And if you have the ANZ app, you can also set up Voice ID⁷. This allows you to authorise Pay Anyone payments securely through smart voice recognition biometrics, without the need for extra passwords or codes.

Sending money internationally? Security is even more important if you’re sending hundreds or even thousands of dollars overseas. If you’re looking for an ultra-secure international money transfer service (and your bank is proving too expensive) – open a Wise multi-currency account instead.

It’s the secure, reliable and affordable way to manage global transfers, where you can send, spend and receive money at the real exchange rate.

If you’re an ANZ customer, it makes sense to download the ANZ Shield app at the same time. As you can see from this guide, the app should provide you with a simple, straightforward way to authenticate your banking activity, without the need for an extra physical device.

Using the app is optional at the moment, but why wouldn’t you want more secure bank transfers?

Sources used:

  1. Is Wise Safe?
  2. About ANZ Shield
  3. About ANZ Shield
  4. Two Factor Authentication
  5. About ANZ Shield
  6. Internet Security Software
  7. Two Factor Authentication

Sources checked on 28-September 2020.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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