Scoop has an Ethical Paywall
ASB Group Ups Ante In Online Fraud Battle
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
ASB Bank
Helping you get one step ahead.
In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
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