New lock online banking feature lets BNZ customers hit the panic button if they think online scammers have access to their accounts

BNZ has launched a new anti-scam feature that lets customers lock all online banking activity, if it is suspected a scammer has gained access to their accounts.

Customers can restrict banking access and even completely lock it, without waiting for BNZ to take action. Locking the online banking is done in the BNZ app.

“While anyone who thinks they’re being scammed should call their bank straight away, this new tool – available in the BNZ app - gives customers the ability to lock their online banking while they’re making the call, potentially speeding up the process to lock their accounts and shut scammers out,” Ashley Kai Fong, BNZ's head of financial crime said.

The lock doesn't disable cards from being used online, in stores and at automated teller machines while the customer account is locked.

Customers can block their cards as well, however.

Scheduled automatic payments for items such as rent or mortgage will still go out of the account.

To unlock their accounts, customers need to visit a BNZ branch to verify their identity. This is done to prevent scammers from regaining access to the online banking.

Kai Fong said the bank invests tens of millions of dollars in anti-scam and fraud protection measures. While it doesn't believe there is a silver bullet in the fight against scammers, the latest measure is another tool to help customers.

BNZ said it has introduced other measures as well such as additional two-factor authentication within internet banking for high-risk actions such as changing personal contact details and creating new payees, or making payments to unsaved ones.

It has also introduced a way for customers to verify their identity through the BNZ app when prompted by a banker, to confirm it is indeed the financial institution calling.