Australia-based Commonwealth Bank has improved online banking security by launching NetCode SMS or token, a one-time password, for additional layer of protecton for its online shopping customers.
NetCode SMS is a free, single use secure code sent to a customer’smobile instantly via SMS verifying online transactions purchased on retailers websites featuring a MasterCard SecureCode or Verified by Visa logo.
Alternately, customers can use NetCode token which generates a code on a personal pocket-sized security device, creating a unique NetCode every thirty seconds.
The additional layer of security will be a familiar process for the bank’s 3.8 million NetBank customers who currently use NetCode SMS or token for new online funds transfers or payments.
It provides customers with a convenient authentication check-point and increased security without customers needing to remember an additional password.
When a customer shops online at a participating retailer, they may be prompted to enter their NetCode during the purchase process (just like entering a PIN at the ATM) and in seconds, customers gain added protection while shopping online.
Commonwealth Bank Group Security executive general manager John Geurts said that NetCode is about offering customers increased protection when they are shopping online and builds on a number of security initiatives introduced by the Bank this year.