Five per cent opt-in for added internet protection

Five per cent of National Australia Bank's 1.2 million internet banking customers in Australia make use of the bank's opt-in system to receive a one-off code, sent by short-messaging service to the customer's mobile phone, the bank said. Use of one-off codes as a second password to authorise some payments from a customer's bank account to another bank is one way in which banks aim to contain fraudulent activity on internet banking. NAB said that no customer using SMS-passwords to authorise transfers had lost any money to internet fraud.

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