Online banking service RaboPlus.co.nz welcomes the introduction of the Bankers' Association's new Code of Banking Practice. However, General Manager Mike Heath says that security of online banking is always a two way street.
"It's good to see the Code requiring guidelines on internet security but internet banking shouldn't be about customers carrying the can," says Mr Heath. "RaboPlus.co.nz always errs on the side of our customers.
"Our philosophy at RaboPlus.co.nz is to take as much responsibility as possible for the online banking security of our customers, and we will continue to provide the most advanced security system on the New Zealand market so our retail customers know their money is safe from internet fraud."
RaboPlus' online security uses sophisticated two factor plus authentication. This means that customers enter their username, PIN, and a randomly generated number from their Digipass, to login and then each transaction is signed with a digital signature. This system protects against sophisticated attacks such as "Man in the Middle" (MITM) where criminals position themselves between the customer and the bank and are able to read and modify the communications at will without either party knowing that the security between them has been compromised.
"Two factor authentication means a customer's password cannot be misused by a fraudster hiding behind a fake copy of the bank's web site," says Mr Heath. "No other bank in New Zealand has the digital signature step in place for its retail customers, as well as its business customers."
Mr Heath says RaboPlus' parent company Rabobank invests heavily in internet security which benefits all divisions of the bank globally.
"Rabobank is Europe's largest internet bank and continually invests in state-of-the-art internet security from which RaboPlus customers in New Zealand benefit," he says.
"What it means for New Zealand is that we are using the most advanced systems available so we can assure our customers that we are doing our utmost to ensure that their money and their private information are safe from fraud."