NetGuard Service to be Extended to Business Customers
Bank of New Zealand announced today a new security measure for Internet business banking customers as an added precaution against online fraud.
Research shows that online fraudsters target customers of financial services more than any other type of business*, says Shona Bishop, general manager marketing, Bank of New Zealand.
“So we are extending our NetGuard service to provide an added layer of security for business customers when banking online.
“The increasing sophistication of online fraud, like phishing scams and other types of e-crime is of concern to us and our customers. We take security matters very seriously and are committed to being a leader and innovator in this area.
“From late February we will offer additional security, known as second factor authentication (2FA), to all our business and personal customers – the only major bank in New Zealand to do so.”
NetGuard for business customers is an electronic token, and works by generating a one-off random code that changes each time customers log on to Internet banking. The Bank is currently undertaking a trial with a small number of customers prior to wider availability in February.
“NetGuard is used at each login, protecting not only personal information from identity theft but also customer funds from the very beginning of the session”, says Ms Bishop.
“NetGuard is like a safe within a safe. Even if a customer’s login details were compromised, fraudsters would not be able to access the account without the NetGuard token assigned to that account. It’s even effective in protecting customer information in high-risk environments such as Internet cafes, where the integrity of the computer can’t be verified.”