Sydney, 30 August 2010: In an Australian banking first, Commonwealth Bank today announced increased protection for customers shopping online with the introduction of NetCode SMS or token – a one-time password.
NetCode SMS is a free, single use secure code sent to a customer’s mobile instantly via SMS verifying online transactions purchased on retailers websites featuring a MasterCard SecureCode® or Verified by Visa logo. Alternately, customers can use NetCode token which generates a code on a personal pocket-sized security device, creating a unique NetCode every thirty seconds.
The additional layer of security will be a familiar process for the Bank’s 3.8 million NetBank customers who currently use NetCode SMS or token for new online funds transfers or payments. It provides customers with a convenient authentication check-point and increased security without customers needing to remember an additional password.
When a customer shops online at a participating retailer, they may be prompted to enter their NetCode during the purchase process (just like entering a PIN at the ATM) and in seconds, customers gain added protection while shopping online.
According to Commonwealth Bank’s John Geurts, Executive General Manager Group Security, NetCode is about offering customers increased protection when they are shopping online and builds on a number of security initiatives introduced by the Bank this year.
“Alongside greater peace of mind when shopping online and an additional layer of security in identifying a transaction is taking place by the genuine cardholder, the major advantages of NetCode is that it is not a static password and customers don’t have to remember additional passwords,” said Mr Geurts.
“When customers are making an online purchase they may be asked to verify their purchase using their NetCode SMS or token, just as they do with a new NetBank funds transfer or payment.”
Debit and credit cardholders who currently use NetCode SMS or token will automatically be registered for this additional layer of security.
The introduction of NetCode SMS or token for online shopping builds on a raft security initiatives introduced by Commonwealth Bank recently, including:
More information can be found at: www.commbank.com.au/SecureInternetShopping
For further information:
P (02) 9118 1706 | M 0403 681 515