Supplier RSA Security said today BankWest had selected its SecurID offering, whereby a customer employs an authentication token featuring rapidly-changing unique passwords in conjunction with a personal identification number to access their online banking application, to beef up security.
The system is designed to provide customers with greater protection than that afforded by using static, reuseable passwords. BankWest Business plans to distribute the free tokens to all customers by the end of 2005.
"It is significant that BankWest has never had a reported case of online fraud via its Business internet banking platform, yet it is moving to the forefront of banking practice," said Sebastian Moore, area vice president, Asia Pacific, RSA Security.
Paul Clark, chief executive officer, BankWest Corporate and Business Banking added that these new security measures are part of a major upgrade to BankWest's online business banking facilities, which will be phased in over coming months and will include increased functionality.
This is a laudable development on BankWest's behalf. But their concern for security rings a little hollow with me as they currently don't have the facilities for Sydney customers to change their PIN for their debit cards. Surely it makes good security sense to be able to change your PIN regularly?