Australia's major banks, including NAB, CommBank, ANZ, and Westpac, are increasingly targeted by cyberattacks from various malicious actors overseas.

These attacks are likened to 'asymmetrical warfare' and aim to breach security logins, deny services to customers, and steal money and information using malicious code.

Cybersecurity expert Troy Hunt estimates Australians lose $3 billion annually to cybercriminals.

The big four banks have invested around $3 billion annually to enhance their cybersecurity measures.

NAB has a dedicated team of 350-400 people focused on fraud prevention.

Customers are urged to exercise caution, avoid clicking on suspicious links, and seek advice before making payments.

The Australian Banking Association emphasizes the industry's investment in advanced technologies to protect customers.

Collaboration with organizations like the National Anti-Scam Centre and the Australian Financial Crimes Exchange has led to strong anti-scam protections.

Chris Sheehan described these cyberattacks as a form of warfare, highlighting the risks to every customer and the importance of robust cybersecurity defenses.