National Australia Bank is confident that it has the tools it needs to leapfrog rivals by adopting three-factor authentication, adding an extra means of security to the normal two factors most Australian banks offer customers to secure their transactions.
The Commonwealth Bank of Australia (CBA) has commenced a final roll-out of two-factor authentication (2FA) systems that will see 400,000 customers of its NetBank internet banking service upgraded to the secure log-in technology.
St George is joining the ranks of financial institutions taking up two-factor transaction authentication to protect its customers from fraud.
The Commonwealth Bank will issue free two-factor authentication tokens to some 30,000 "highly active" customers of its Internet banking service as part of a drive to improve security.
Australian company Cybersource says it's currently talking to two domestic banks about providing Linux-based bootable CDs to consumers to ensure Internet banking security.
Banks are slowly moving towards deploying voice-authentication technologies in order to add an extra layer of security for their online and telephone banking customers.
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