Electronic Bank Shield in Au

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3.2 Extra Verification

Extra verification is the corresponding measure to the suspicious online bank transaction. To be specific, a large sum of money transferred abroad, transactions involve making out a payment to a third party, funds transferred to an account that has no previously transaction record. Aim to provide additional protection for customers, the suspicious transaction may remain pending status in accordance with banking policies to detect further fraud risk before proceed it. The verification may take one business day or longer depends on specific situation. The application of extra verification could reduce electronic banking fraud risk efficiently.

3.3Activity log

Activity log is a method offers on online bank, aims to efficiently check secure status of customer’s online bank account. Bank account holder could simply track the most recent logins history of online bank account by logging on, specifically, time and date of previous logins. Meanwhile, customers could check and monitor the online bank account activities anytime online.

3.4Automatically time-out

Automatically time-out could significantly reduce the potential fraud risk of unauthorised utilisation if customers ignore to log off online bank account. Online bank system could automatically log off if the account keeps logging status but is unattended for a period of time, for instance, ANZ bank stipulate this time period is 15 minutes.

3.5 Encryption

Encryption is turning words and numbers into a coded language. Encryption prevents unauthorised users from being able to change or read your data. For example, when purchasing something online, you input credit card detail. The information of credit card can be process by SSL. SSL encrypts data by breaking it down into small pieces that cannot be read by anyone attempting to intercept it. ANZ encrypts your personal data using 256-bit SSL (Secure Socket Layer) encryption technology, which is the strongest SSL available.

You can identify whether the Internet Banking session is secure or encrypted. When you see https:// in the Address bar and/or when you see a padlock in the bottom right corner of the browser window. You can double click on the padlock to view the Digital Certificate i.e. the electronic signature to view details

3.6 Extended Validation certificates

ANZ offers an additional security system to internet banking. It extends validation certificated that can improve online security and make Internet banking experience even easier.

With this feature you can be sure you are on a legitimate ANZ Internet Banking website by simply looking for the green address bar displaying 'Australia and New Zealand Banking Group Ltd (AU)' in your browser.

3.7 Internet banking guarantee

ANZ promises that many effective security measures are designed to protect against any unauthorised transactions, when using ANZ Internet or Mobile Phone Banking. In the case of electronic fraud happened, you are a victim. ANZ will reimburse you for any unauthorised transactions. The key point is that you have complied with the ANZ electronic banking condition of use. Besides, if the transaction claims are up to $10,000, it will be reimbursed within five business day when the completed documentation are received and you must confirm you have not contribute to the loss.

4. Conclusion

It is known that internet banking fraud would happen at any time in various types. These frauds could be reduced via stable and safe net banking system. Since ADIs pay more attention to explore new security systems to reduce electronic banking frauds, such as Encryption and internet banking guarantee. Thus, customers’ safety experience could raise. Meanwhile, it enhances the customers’ trust level of ADIs.

Reference:

ANZ, How we protect you, viewed 11 April 2016,

Australian federal police 2015, Online fraud and scams, viewed 11 April 2016,

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Commonwealth Bank, How we protect you, viewed 11 April 2016,

National Australia Bank n.d., Online fraud update, viewed 11 April 2016, http://www.nab.com.au/personal/banking/nab-internet-banking/security/online-fraud-update>.

Reserve Bank of Australia, payment system, viewed 11 April 2016,

Westpac n.d., Prevent fraud and scams, viewed 11 April 2016,http://www.westpac.com.au/security/fraud-and-scams/online-fraud/>.