Australian Bank to offer one-time PIN via SMS

National Australia Bank has moved to crack down on internet banking scams, flagging the introduction of a tough new security regime that will offer customers a one-time PIN via SMS on their mobile phones before using the bank's site, according to Australian IT.

"Under the new security regime, which will be piloted in September and rolled out at the end of the year, National's one million internet banking customers will be offered the option of registering their mobile phone number with the bank, which will SMS a unique PIN to the phone during each transaction. Customers will then enter the PIN on the website to confirm the transaction.

The one-time PIN gives extra protection for customers whose user IDs and passwords are stolen."

emily | 11:48 AM | SMS and Banking |
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