Commonwealth Bank unveils advanced security features for NetBank
14 December 2005
The Commonwealth Bank today announced a number of new security improvements for its internet banking service, NetBank.
These latest enhancements are part of the Bank’s continuous program of review of security that keeps it at the forefront and follows previous security enhancements that occurred with the launch of the new NetBank service back in May.
The advanced security features introduced to NetBank include:
- Stronger authentication for selected transactions – customers will now be prompted to answer two Personalised Identification Questions when undertaking a number of transactions, including first time third party payments or requesting an International Money Order; and
- An expanded range of email alerts to confirm when they have changed their personal details; added, deleted or changed accounts in their account address book; or added or deleted a biller in their biller address book.
"The security enhancements are part of the Commonwealth Bank’s ongoing commitment to delivering premium security for NetBank’s 2.3 million customers," said Commonwealth Bank’s Quentin Boyes, Executive General Manager, Business & Technology Services.
"For customers, the security improvements are simple to use and deliver immediate protection in the unlikely event of their account being subject to attempted fraudulent activity," said Mr Boyes.
"All NetBank customers nominate personalised security questions when registering for NetBank, so they do not need any additional preparation to take advantage of these features."
According to Mr Boyes, the Bank is also examining further changes to be introduced in 2006, including:
- two factor authentication for NetBank; and
- customer choice to reduce their daily withdrawal limits online, rather than through the branch or NetBank Help Desk, providing greater flexibility."
"We are dedicated to ensuring a secure and easy-to-use NetBank service for our customers," said Mr Boyes.
To find out more about these security additions, visit http://www.commbank.com.au/netbanksecurity.
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For further information please contact:
General Manager, Media and Issues Management
Phone: (02) 9378 2663
Mob: 0414 789 649
Notes to Editors:
NetBank is Australia’s most visited online banking site with approximately 35,000 new customers being added each month.