Financial institution ANZ has issued an advisory urging corporate and small business customers to update and strengthen their digital password security in preparation for the end of the financial year (EOFY).
According to data released by the bank, the weeks leading up to the end of the financial year are a peak period for digital financial crimes.
Scammers frequently target companies during this timeframe due to the high volume of financial transactions, bill payments, and accounts balancing.
“Updating and maintaining a secure password is a business owner’s first line of defence, and a simple, easy action business owners can take to remain a step ahead,” said Cosi De Angelis, ANZ GM of transaction banking.
Data from the security firm NordPass indicates that the three most frequently used passwords in Australia are “admin”, “password”, and “123456”, with each used by tens of thousands of individuals nationwide.
Security guidelines recommend that business operators implement long, unpredictable character combinations and restrict the sharing of credentials.
“It is vital that business owners understand that ANZ will never ask you to share your password with us. If someone calls you claiming to be from ANZ and asks for your password, hang up the phone immediately. This is a major scam red flag,” said Angelis
In July 2025, the total volume of documented rebate scams, where perpetrators impersonate government entities to offer false refunds, increased by 67 per cent before declining in August.
Similarly, impersonation scams targeting bank identities rose by 15 per cent during the same July period.
To mitigate these threats, the institution has promoted its “Stop. Check. Protect.” educational framework alongside its existing “Scam Safe” awareness initiative.
