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Monday, 2 May 2005
The National Australia Bank today announced increased payment security for Internet Banking customers. After a successful pilot the National today launched the service, which adds an additional layer of security, utilising Short Message Service (SMS) when completing third party payments, free of charge.
The optional SMS two-factor authentication service is designed to protect customer funds from Internet banking fraud. It works by sending a randomly generated, one time only code via SMS to the customers’ mobile phone within seconds of them initiating an online payment. The customer enters the code into the payment confirmation screen to complete the payment request.
Head of Channel Solutions, Deposits and Retail Transactions, Ean van Vuuren said “Customer security remains a priority for the National when offering Internet Banking. This new security feature offers a balance between improved security and customer convenience.”
The SMS security service means customers are identified first, by their Internet Banking login and password and secondly, by the one-time SMS code. Therefore, should a customer’s account details be compromised by fraudsters they are restricted from completing a third party payment unless they also have the registered mobile phone.
NAB piloted the SMS security service for five months with local and overseas customers and led to refinements in the registration process, improving customer convenience. Internet Banking customers can request the service by sending a secure message from within their Internet Banking session.
Ean van Vuuren said, “Initial feedback indicates the service is extremely convenient. This project was a collaborative effort between the National and Telstra using technology based answers to help reduce fraudulent online banking transactions”.
For further information contact:
Rose Gigliotti
Corporate Affairs Manager
03 8634 0765 work
0412 122 563 mobile
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