AMP first Aussie bank to go with numberless cards

An Australian bank has been the first mover Down Under to catch up with a key anti-scam development being used around the world.

An Australian bank has pulled the trigger on the first domestic numberless bank card, five years after European banks.

AMP Bank announced the security feature on Tuesday. The debit cards will start to be issued in February.

The AMP numberless cards are designed to stop scammers gaining card details through hacks of susceptible small businesses.

Digital wallet company Curve began issuing numberless cards in Europe in 2020. Chase UK followed suit, as did Barclays subsidiary Barclaycard in early 2022. Indian firm FamPay adopted the numberless cards in mid-2020, too.

Consumers can go into the AMP app to get the card number if need be.

MasterCard has signalled it wants to end numbers on bank cards by 2030.

AMP Bank said the new numberless debit cards would make small businesses less susceptible to fraud and scams.

The new cards tie into AMP Bank’s new digital bank, with which MasterCard has signed a strategic partnership.

“Numberless cards represent a significant step forward in payment security, offering cardholders additional protection against fraud and account compromise,” MasterCard Australasia president Richard Wormald said.

Mr Wormald said the card would allow Australian small businesses “to spend less time worrying about fraud and scams, and more time focusing on what they do best”.

Mr Wormald said he saw the number of “side hustles booming”, hence MasterCard working with AMP on the digital bank.

“Digital banking has transformed the way we manage our money as consumers, but small business owners often miss out on that same seamless experience,” he said.

“With side hustles booming, many Australians are looking for a solution that works for both their personal and business lives.”

When a numberless card is being used in a transaction, the user goes into the AMP app to get the app to get the requisite digits.

Tech from London-based Starling Bank will underpin the digital dimension of the new operations.

These digital banks are tailored for businesses with less than 20 employees, where the owner’s finances are linked to the business accounts.

AMP has $23bn in loans and $21bn in deposits. AMP’s share price lost 0.7 per cent in the first hour of trading on Tuesday.

Originally published as AMP first Aussie bank to go with numberless cards