Commonwealth Bank rolls out further security upgrades for NetBank
29 January 2007
The Commonwealth Bank has commenced a progressive roll-out of free security ‘tokens’ for selected NetBank customers this week.
The security tokens form part of the Bank’s two-factor authentication program which provides customers with an additional level of security when using NetBank.
Approximately 30,000 highly active NetBank customers will be sent a token with instructions on how to use it.
A token is small enough to fit on a key ring. It is a time-sensitive device that produces a NetCode – which is a one-time code that’s unique to each customer’s token and automatically changes every 30 seconds. The customer inputs the code into NetBank while logging in.
This is the first phase of the Bank’s two-factor authentication program; the next wave will be to introduce SMS authentication codes for other NetBank customers.
SMS authentication will allow customers with a mobile phone to receive a one-time code to finalise certain NetBank transactions, also at no charge.
"With these solutions in place, customers can carry out their online banking activities with greater peace of mind," said Michael Cameron, Commonwealth Bank Group Executive – Retail Banking Services.
"NetBank is Australia’s leading online banking service, and offering customers a choice of SMS or tokens will ensure we match our security solution to the lifestyle of our NetBank customers," said Mr Cameron.
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