AMP has announced its new digital bank, which features cards with numberless designs, is now available for small business and everyday banking customers.
The cards don’t include the traditional 16 digits and details can be accessed via AMP’s newly designed bank app, which it says has more layers of security to combat fraud and scams.
Digital tokens, which are single-use or limited-use, will be used to pay via the numberless cards instead of the usual 16 digits.
As an extra security step to tackle identity theft, customers can access the AMP app via selfie video identity verification, verified by real customer service representatives.
The app also allows users to hide and reveal their on-screen balance at the touch of a button for privacy.
AMP Bank group executive Sean O’Malley said the new features are built to be used by every type of customer, regardless of bank balance, including micro-business owners and side hustlers.
“We are thrilled to launch our brand-new digital bank – purpose-designed and built from the ground up to transform the banking experience for Australia’s millions of micro, side hustlers and small business owners, and everyday banking customers,” O’Malley said.
“We’ve loaded the new app with the very latest tech and innovations to provide business owners with the latest in cyber, fraud and scam protection, and the capability to integrate leading small business software solutions.
“Our ambition is to help small business owners – sole traders, side hustlers and other small businesses – seamlessly run and administer their business from the convenience of their mobile phone.”
AMP has over one million customers across Australia and New Zealand.
Mastercard has flagged it intends to eliminate digits on cards by 2030, instead replacing the digits with tokenisation and biometric authentication.
Numberless cards began circulating in Europe in 2020 after fintech company Curve issued investor numberless cards.
Banks in the UK and India soon followed.
Australia is one of the world leaders in card fraud attempts.
Over $700 million is lost every year in credit or debit card scams.
