Banks should beef up security

The head of financial services for internet based RaboPlus, Bryan Inch, has criticised larger institutions for letting down their customers by scrimping on security upgrades to eliminate online scams. RaboPlus uses two factor identification, a combination of a one-time password device and personal identification number, which has resulted in no online fraud losses since being introduced. Mr Inch said “The banks have got to front up and implement appropriate security. The bottom line is that [large institutions] are not incurring the sorts of losses that makes it viable for them to upgrade their security.”