ANZ introduces instant card replacement for digital wallet users

In a move set to limit the inconvenience of lost or stolen bank cards, ANZ has announced a service which will enable customers to continue using their digital wallets with a ‘virtual’ replacement card.

The virtual card will be made instantly accessible in the digital wallet upon reporting a lost or stolen card to the bank.  

According to Katherine Bray, Managing Director of Products, ANZ customers report 670,000 lost or stolen cards each year, with the replacement process often proving a time consuming hassle.

“Now our customers can keep using their digital wallet, whether it’s Apple Pay or Android Pay, to make purchases while they wait for the new physical card to arrive in the mail,” she said.

It will also be possible for ANZ customers to keep their old PIN number for a new card, as long as it hasn’t been compromised.

The announcement comes in the wake of an increasing number of Australians adopting digital wallets for their purchases and payments, with ANZ alone recording over 8 million transactions through its digital wallet last year.

“For many customers their smartphone is now the primary way they do their banking, including making purchases, so we’re working hard to keep improving their mobile experience with changes like this,” said Bray.

While digital wallets and online payment systems like Apple and Android Pay can often offer a safer alternative to plastic cards, it’s always important to ensure your money and details are safe.

Tips for keeping your money secure

  • Love shopping online? Make sure it’s a secure experience by looking for the padlock symbol on the left hand side of your address bar when you visit a website.
  • Check your bank balance regularly, and if you notice any unusual activity report it to your bank immediately. Most providers will offer 100% reimbursement, however you may not be refunded if you take too long to alert them.  
  • If your bank needs to contact you via email or text they will almost always address you by your name, and use a verifiable email/number (visit your provider's website for specific details). They will never ask you to verify your details, so don’t click on any suspicious links.
  • Don’t ‘save’ your details online! It may seem like an easy option to save your credit card or password details for later, but best practice is to enter them manually as you go.