Neobanks face cyber security struggle to match big banks

Mr Savvides said he worked with the largest banks in the region, as well as some of the emerging neobanks.

The Australian Financial Review sought the views of cyber security experts, after sources made contact to say that heavily backed neobank Judo, which raised $140 million in August, had only just implemented two-factor authentication on email accounts in late January.

This basic practice – whereby an individual needs more than just a password to log in – came after a director’s email was hacked following a successful phishing attack.

Phishing attack

Emails seen by the Financial Review show an email was sent from the Judo address asking a potential customer to review a proposal for a new project on SharePoint and requesting they click on a link to access the “secure document”.

Suspecting it was a phishing attack, the potential customer contacted the director directly alerting them. A response was

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