Token and text expected to secure online banking

Banks will progressively ask internet banking customers to use mobile phones or carry plastic tokens to source a one-off code that should provide greater security when accessing their bank account over the internet. The Australian Bankers' Association said an industry standard requiring all banks to use two methods of identifying internet customers would be introduced later this year. Internet fraud was costing Australian banks more than $25 million a year in losses, he said. Bendigo Bank is the only bank that offers the use of tokens as an added security layer in a routine way.

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