What is open banking?
Open banking gives you the option to share your banking information with accredited third parties, including financial institutions. It makes it easier to manage, compare and switch banking products and services.
How does open banking work?
Open banking is part of the Consumer Data Right, opens in new window - new legislation designed to allow you to share your data with accredited third parties. If you do choose to share your information, there are strict rules and security protocols in place to protect it.
All open banking participants that send and receive data must be accredited by the Australian Competition and Consumer Commission (ACCC) and the Australian Information Commissioner (OAIC). They have set strict accreditation criteria, as well as privacy and information security standards.
From 1 July 2020, if you are a NAB online customer aged 18 and over, and either an individual or a sole trader, you will be able to share your account summary, balances and transaction history for open accounts such as:
- credit or debit cards
- term deposits
- transaction and savings accounts.
Open banking isn't mandatory - you'll have full control of your data and whether you want to participate. You'll never need to give your NAB banking password to a third party.
What happens to my information when i participate in open banking?
If you choose to share your information, it will be sent to and stored by the accredited third party using a secure connection. NAB will never ask you to confirm, update or disclose personal or banking information via a link in an email or text message.
You can choose to end the sharing at any time, and you can also ask for your data to be deleted.
Learn more about open banking and how to start sharing or manage your sharing permissions in our how to share data using open banking guide.
Security tips for using open banking
We know that open banking is new, so here are some tips to help protect your accounts and information.
Check who you're sharing your information with
Before sharing your information, make sure you're interacting with an accredited third party by checking to see if they're listed on the Australian Competition and Consumer Commission (ACCC) Consumer Data Right website, opens in new window. Here you'll also be able to see and access official third party websites.
Regularly check your data sharing permissions using your NAB Internet Banking account. To do this, log in to internet banking and select Settings/Mailbox and then select Data sharing permissions.
You can also use internet banking to revoke your permission to share data at any time and ask for your data to be deleted. Click on any third party to see the sharing details, or choose to stop sharing.
Never share your NAB Internet Banking password
You will never be asked to share your NAB password or PIN number with us or with any accredited third party.
Instead, when you decide to share your information with an accredited third party, we’ll send a one-time password to the mobile number you use for NAB Internet Banking.
I’ve received a suspicious email/sms about open banking – what should i do?
Forward suspicious emails to email@example.com and then delete them.
Forward suspicious text messages to 0476 220 003 (047 NAB 0003) and then delete them.
View the latest security alerts to stay up-to-date and protected.
How can i improve my account security?
Enable multi-factor authentication
Multi-factor authentication (MFA) is an added layer of security designed to confirm your identity when logging in to an online service.
You can register for MFA at any time using the above instructions, or read secure your accounts with multi-factor authentication to learn more.
Create and keep secure passwords
Creating strong passwords is the first step in eliminating the risk of unauthorised access by those willing to put in a bit of guesswork. Never share your password, not even with someone you trust.
Visit our security homepage for more tips on how to stay safe online.
Who to contact for help
How we can help
If you’re a NAB customer and you believe your business or personal accounts have been impacted by fraud or a scam, we’re here to help. Explore the immediate steps you can take to protect yourself and discover when you should get in touch with us to make a report.
IDCARE is Australia and New Zealand's not-for-profit counselling and support service set up to assist Australians impacted by identity theft and cyber-related crimes.
IDCARE can assist NAB customers to navigate through the process when identity details or credentials have been compromised through fraud or scams. IDCARE is a free service for all Australians.
Australian Government | Australian Cyber Security Centre (ACSC)
The Australian Cyber Security Centre (ACSC) brings cyber security capabilities from across the Australian Government together in a single location. It’s the hub for private and public sector collaboration and information sharing to combat cyber security threats. ACSC provides topical, relevant and timely information on how home internet users and small businesses can protect themselves from, and reduce the risk of, cyber security threats such as software vulnerabilities, online scams, malicious activities and risky online behaviours.
Australian Government | ReportCyber
ReportCyber is a secure reporting and referral service for cybercrime and online incidents which may be in breach of Australian law. The ReportCyber website provides a cybercrime reporting mechanism as well as helpful information about cybercrime.
Australian Competition and Consumer Commission | Scamwatch
Scamwatch provides information to consumers and small businesses about how to recognise, avoid and report scams using publications, videos and other online resources.
Australian Government | Office of the eSafety Commissioner
The Office of the eSafety Commissioner provides online safety education for Australian children and young people, a complaints service for young Australians who experience serious cyberbullying, and address illegal online content.
Australian Government | Attorney-General’s Department
The Attorney-General’s Department website provides helpful information and resources about your rights and protections in regards to identity security, freedom of information and cyber security. The Department has developed a range of resources to assist people protect their identity and recover from the effects of identity crime.
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