Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.

The future of Internet banking is under a cloud as consumers face picking up the $25 million annual bill for inadvertently falling victim to online scams

  • 23 January, 2007 09:59

<p>Yesterday it was announced in the news that the Australian Securities and Investments Commission are reviewing a proposal submitted by banks, where unless users have an unspecified “minimum or adequate” security on their computers, the banks will not be liable for any losses to consumers due to online scams. RSA, The Security Division of EMC, has been working closely with the Australian finance and banking industry and as an example, Adelaide Bank has put in place “behind-the-scenes” solutions such as Transaction Monitoring.</p>
<p>“Banks can decide how visible or transparent their authentication measures are,” said Geoff Noble, Finance and Banking Specialist for RSA, The Security Division for EMC. “However, the concept of offering online banking communities different levels of authentication is important as all parties have various degrees of security requirements. It is recommended that all accounts be monitored for anomalous behavior with the provision of a step-up authentication process. One size does not and cannot fit all,” continues Geoff.</p>
<p>For instance, business customers who transact large amounts of assets may request strong time synchronous two-factor authentication such as a ‘token’. For the broader population of users, step-up authenticators such as out of wallet questions, an out of band phone call or a one time password via SMS, IVR or email may only be required if a transaction is deemed as high risk. This may be changing of personal details, setting up new payees or the transfer of funds over an agreed amount. One of the keys to success as well as developing loyal relationships is to involve your customer and allow them to select their preferred method of authentication.</p>
<p>There is also an opportunity to address cyber criminals by tapping into the e-Fraud Network. The RSA® eFraudNetwork community is a cross-bank, collaborative online fraud network. It includes dozens of leading global financial institutions and some of the world’s leading ISPs, providing a holistic view of today’s fraud environment. The eFraudNetwork community shares fraudster information across multiple banks in real time; when a fraudster attack is identified against one of its members, all others are instantaneously protected as well. Today, many of the world’s top 50 banks, including Bank of America, Credit Suisse, HBOS, ING Direct, Barclay’s and Washington Mutual benefit from being part of this global eFraudNetwork community.</p>
<p>This is scaleable across the banks platform without having to pass on high costs to customers. Geoff also says, contrary to a statement by the review (see below) that he has seen that institutions have been willing to invest in online security</p>
“Institutions have been <b>unwilling to invest in online security</b> because of "the low losses to date . . . and the associated difficulties of making a business case for higher levels of investment in counter-measure technology," the review states.
<p>Should you require any further information or would like to set up an interview to discuss further with Geoff, please call Sarah on 02 9212 3848 or <a href=""></a>.</p>
<p><b>About RSA</b>
RSA, The Security Division of EMC, is the expert in information-centric security, enabling the protection of information throughout its lifecycle. RSA enables customers to cost-effectively secure critical information assets and online identities wherever they live and at every step of the way, and manage security information and events to ease the burden of compliance.</p>
<p>RSA offers industry-leading solutions in identity assurance &amp; access control, encryption &amp; key management, compliance &amp; security information management and fraud protection. These solutions bring trust to millions of user identities, the transactions that they perform, and the data that is generated. For more information, please visit <a href=""></a> and <a href=""></a>.</p>

Most Popular

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Latest Articles


PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill


I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?