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Bendigo Bank to offer another level of e-banking protection

23 July 2004 |Media centre

Bendigo Bank will offer its e-banking customers and the Bank another level of protection – a security token that generates a one-time number every time customers log on.

A security token looks like a remote car-locking device with a digital number display. At the press of a button, it generates a six-digit number called an “authentication key”.

Once a customer has obtained and activated a security token, they cannot log into e-banking without it.

While customers must still protect their Access ID and PIN, an unauthorised user would not be able to access a customer's accounts without the authentication key.

Bank spokesman Owen Davies said Bendigo Bank would stage a gradual rollout and would begin offering customers the chance to purchase a token from late July.

“The security of our e-banking system has never been breached, but customers are vulnerable to computer viruses and fraudulent emails attempting to trick them into providing their banking details,” Mr Davies said.

“While we continue to stress the importance of our customers installing a firewall and latest anti-virus protection on their PCs, and continuing to protect their Access ID and PIN, they will have the peace-of-mind of knowing they hold in their hand another level of protection.

“e-banking is the quickest and most convenient form of banking and our customers have readily adopted it. We therefore want to provide them with another level of protection not only for access to their accounts but for the privacy of their banking details.”

Mr Davies said customers will have the opportunity to have a security token delivered to their home for $16.50, with payment to be debited to their nominated Bendigo Bank account.

“That is the cost to Bendigo Bank of each token,” Mr Davies said. “We are not looking to make anything out of this exercise and in fact the bank will pay the cost of handling, packaging, postage and all the systems costs associated with introducing another level of protection.

“Given the added level of protection, we think customers will consider it good value.”

Mr Davies said that although security tokens would initially be a customer choice, the bank will move to make them compulsory for all of its e-banking customers within 12 months.

Mr Davies said that until tokens become compulsory, customers would not need to act to secure a token.

“They will receive an offer online when they log on for a banking session. Initially they will be able to choose whether or not to accept, but at some point it will become a compulsory part of e-banking with Bendigo.”

Customer inquiries can be made on 1300 366 666.

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