St George is joining the ranks of financial institutions taking up two-factor transaction authentication to protect its customers from fraud.
Most Australian banks ramped-up their online service offerings in 2001 and are planning further enhancements in 2002. ZDNet Australia evaluates the choices that are currently on offer and takes a glimpse into the future of Internet banking.
SMS-based two factor authentication has been touted as a way of improving online banking security but Westpac's head of information security disagrees.
SMS-delivered two-factor authentication will be dead in three years, according to National Australia Bank's general manager of technology, risk and security, Gary Blair.
The Triple-I Index opened a little higher this morning, 2.7 points up on last week's closing value of 627.6. The index lost ground in morning trade, picked itself up after the lunch break but continued lower in afternoon trade, ending the day 4.3 points down to 623.3.
The Commonwealth Bank stands alone as the only top tier bank in Australia with its sights on biometrics as a means to improve security for its customers -- but critics say the technology is still too young.
Financial organisations are slowly embracing the notion of unified communications, but significant organisational hurdles remain
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