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NAB announces potential new finance solutions

Oct 12 2009, 23:48 PM

National Australia Bank (NAB) is looking into new finance solutions and may bring in three-factor authentication for internet and mobile phone banking.

Two-factor authentication, which requires customers to provide two pieces of information before they can access their accounts, is a finance solution used by many Australian banks in the fight against fraud.

Banks believe that such a level of security makes it harder for cybercriminals to hack into accounts.

Last week, John Geurts, Commonwealth Bank executive general manager of group security, told a panel of senators investigating cybercrime that two-factor authentication had helped reduce fraud cases at the bank by 96 per cent since 2005.

But NAB wants to improve its finance solutions and step up its security levels with the use of voice authentication to identify customers, reports ZDNet Australia.

In June 2009, the bank introduced voice authentication to its call centres and it believes it can evolve its existing infrastructure to cater for internet and mobile banking accounts held by its customers.

Learn how Experian QAS has successfully integrated into a range of Finance and Banking solutions

Posted by James Glass

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