Consumer research over the past 10 years has shown that security concerns and lack of awareness about Internet Banking and its benefits stand out as being the main obstacles to the adoption of Internet Banking in Australia. The convenience and low costs of Internet Banking are appealing however, it’s the issue of security that is the major hurdle.
Secure Internet Banking is a major priority for both business and personal banking customers and one that financial institutions take seriously. Many financial institutions in response to these concerns have now established a series of additional security processes in order to help protect their customers from fraud on the Internet.
From additional passwords to verify a specific payment, to SMS messaging to confirm payments, the good news is that Internet security is being addressed.
VerifID from Newcastle Permanent is a great example of one such service. VerifID provides added security for Transfer, BPAY® and Batch Payments where funds are transferred out of your accounts. VerifID constantly monitors Internet Banking activity and will automatically request authentication for higher risk transactions.
Traditionally, when you log on to Internet Banking you simply use your Member Number and Access Code. VerifID offers an additional layer of security to help protect you against possible attempts at online fraud using a telephone of your choice (home, work or mobile).
At the time of making a payment or transferring funds via Internet Banking, customers receive an automated phone call that provides them with the VerifID code, which is needed to complete the transaction. Customers simply enter the VerifID code into the Internet Banking screen to complete the transaction.
This additional layer of protection helps to prevent unauthorised transactions on accounts. While it’s a simple step, this extra layer of security provides greater peace of mind for Internet Banking payment transactions.
VerifID was awarded Money Magazine’s 2009 Best Innovative Service award.
More good news for customers is that this extra security does not come at an extra cost, Newcastle Permanent and other financial institutions recognise that Internet Banking security is a win win for both themselves and their customers.
If you require any further information about VerifID call Newcastle Permanent on 13 19 87.
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Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Because of that, before acting on any advice, you should consider the appropriateness of the advice having regard to your circumstances.