ASB Group Ups Ante In Online Fraud Battle

Monday, 20 December 2004, 10:04 am
Press Release: ASB Bank

ASB Group Ups Ante In Online Fraud Battle

Statement made by Clayton Wakefield, Group General Manager, Technology and Operations

ASB Group (ASB and BankDirect) Internet banking customers who are registered for Netcode - our unique two factor authentication security solution - have been protected from the latest online fraud scams to hit New Zealand.

Netcode was launched two weeks ago and is specifically designed to combat the increasingly sophisticated tactics used by online criminals. Two factor authentication requires two independent forms of technology to verify a customer is who they say they are – one form they know, like a username/password, and one they carry on their person, like a mobile phone.

Netcode-registered customers who are banking online and attempt to pay away more than $2,500 to self-selected payees, are sent a unique eight digit code to their mobile phone. They then enter that code to verify their identity and the transaction is processed. The limit was decided upon after extensive research which showed $2,500 was the optimal balance between risk and convenience for customers. This limit will be reviewed regularly as the Internet landscape continues to change.

Since announcing the launch of Netcode over 9000 customers have registered to use the system.

All Internet banking customers should follow these simple steps to help avoid online fraud:

Never disclose your username or password to a third party. ‘”Phishing”, is a common type of online fraud where criminals purport to be from a bank and ask people to “confirm” their log on details

Install and regularly update your anti-virus software

Always “sign out” of an online banking sessions

Do not access your accounts online from an unsecured PC – e.g. at an Internet café

© Scoop Media

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