What you should know about linking third-party platforms to your bank account

Estimated reading time
 5 min

Key points

• Third-party tools, apps or software may request access to your ANZ account information, sometimes by asking for your online banking username and password.
• ANZ does not recommend sharing important online banking details (such as your password, PIN, one-time passcodes (OTP) for payment or ANZ Shield code) with anyone – not even ANZ staff.
• Shared login details can make account issues harder to assess if something goes wrong.
• Some third-party tools, apps or software access bank account information using your login details, while others use Open Banking - and each approach has different security considerations.

Many customers use third-party platforms, such as budgeting, accounting, or money management services apps or tools to help manage their finances. These tools may connect to your bank account in different ways to access information.

This article explains how those connections can work, the key risks to be aware of, and what to consider before linking an app to your account.

Understanding third-party platforms

Some third-party tools, apps or software offer features such as viewing account balances, transaction history, or helping you manage your finances in one place. To provide these services, they may connect to your bank account by asking you to share your online banking username and password or through Open Banking.

It’s important to understand how an app connects to your account and the risks that can come with sharing your bank login details.

Why this deserves your attention

Your online banking details are designed to be used only by you. When you share your banking username and password with a third party, you’re giving them the same level of access you have.

This can increase risk if that platform, or one of its service providers, has a security issue. Your credentials may also be stored or handled outside your bank’s systems, reducing visibility over how they’re protected.

What this can mean if something goes wrong

When you share your banking login details, it can be harder to tell whether activity on your account was done by you, by the third-party, or by someone else. If your details are shared and fraud occurs, this can make it more difficult to understand what happened. Learn about ANZ’s Electronic Banking Security Guidelines.

Information the third-party may be able to see

When an app uses your login details, it may be able to see more information than is needed, such as broader transaction history or multiple accounts linked to your login.

A more secure option where available

Some third-party platforms use Open Banking, which allows you to share limited information through your bank without giving out your password. This access is controlled, read-only, and can be turned off at any time. Not all platforms use this yet, but it’s generally a safer way to connect accounts. Learn more about Open Banking.

Staying informed

Linking your bank account to a third-party platform is a personal choice. Understanding how the app, tool or software connects to your account and what information it can access can help you better understand the risks involved.

Things to consider

Before granting any third-party provider access to your bank account information, it’s worth taking time to understand both how the provider works and who you’re giving access to.

You may want to consider:

• Whether the platform asks for your online banking username and password;
• Whether it offers access via Open Banking instead, where available;
• What bank account information the app can access and whether that access is limited to what’s needed;
• How the provider explains its security practices and use of your data; and
• Whether the provider is regulated, authorised, or well established in Australia.

Convenience is important, but protecting your banking details matters too. Taking a few minutes to understand how these third-party providers work can help you make a safer decision.

Reporting fraud and scams

If you suspect fraud on your account or have shared financial information or transferred money as a result of a scam please contact your bank. If you bank with ANZ, please contact us straightaway. Our Customer Protection Team is available 24/7 to help you.

You can also report scams to the Australian Government’s Scamwatch and the Australian Cyber Security Centre’s ReportCyber.

For additional support with identity or cyber security concerns, you can reach out to IDCare, a not-for-profit organisation offering expert support and frontline insights into scams, identity theft and cybercrime.