Internet banking users pay for increased security

Online banking may be neither free nor absolutely safe. The Australian Federal Police and the banking industry believe online banking fraud is the world's fastest-growing crime. And with increasingly sophisticated security regimes needed to fight cyber crime, consumers are set to pay more to bank online. Three of Australia's five biggest banks – the Commonwealth Bank, National Australia Bank and Westpac – and a number of smaller financial institutions charge customers internet fees. This week NAB announced it would add an additional layer of security by using mobile phone text message technology for customers completing third party payments. There are no fee increases related to NAB's initiative. But last week Commonwealth Bank bumped up its online transaction fees.