Online Banking Security & SMS Passwords
This is an open forum for members that have queries or concerns as to how the new online banking security changes will affect their online banking experiences.
Please feel free to post your questions here- by asking the question I am sure that many other members concerns will be answered too.
Detailed information about our new online banking security can be found on our website
Mark Bramley
Executive Manager Member Services
January 28th, 2009 | 5 Comments »
5 Responses to “Online Banking Security & SMS Passwords”
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January 28th, 2009 at 9:48 am
I HAVE JUST READ ON YOUR WEBSITE THAT YOU ARE GOING TO INTRODUCE A “ONE TIME PASSWORD” FOR ALL MEMBERS WHO ACCESS THEIR ACCOUNT VIA THE INTERNET.
WHAT IF YOU DO NOT OWN A MOBILE PHONE OR HAVE ACCESS TO ONE, HOW ARE WE GOING TO CHECK OUR ACCOUNT ON LINE.
WE DO NOT OWN A MOBILE PHONE OR INTEND PURCHASING ONE, SO HOW DO WE CARRY ON CHECKING OUR ACCOUNT AFTER 16 MARCH 2009.
REGARDS
COLIN
January 28th, 2009 at 9:51 am
Yes, One Time SMS Password will be available for all our registered online banking users from 16 March 2008.
We understand that members may not have access to a mobile phone. In this instance members will still be able to enjoy the same access via online banking as they have in the past. By not subscribing to the SMS One Time Password your external transfer limit when/if you transfer money out of your Companion account to another financial institution will be reduced to $500 per day. If you do not use this transfer facility and use online banking to check your account then the introduction of the SMS one time password will have no impact on your current activity.
A letter detailing the service will be sent out in the next day or so and this will include numerous FAQ’s to help you understand this service.
The introduction of this service is to help protect your funds and minimise inconvenience that may be caused should your log in details get into the wrong hands. We have fortunate to only see a very minimal number of people being affected but we need to be proactive in this ever changing technological environment.
I would encourage you to ensure that your system is using the most update to date operating system, reliable virus protectors and spy-ware programs. As a further precaution avoid opening emails from people that aren’t known to you as they often have viruses attached within them that download password stealing programs.
Keep watch here on our website for more information as we get closer to launching the product.
Mark Bramley
Executive Manager Member Services
February 5th, 2009 at 9:11 pm
I think your SMS passowrd for online banking is absurd. I am simply not a mobile phone person. Don’t own one, don’t want one.
And the suggestion your limit of $500 completely ruins my banking styles where I accumulate credit card debt at another bank and then pay it off using online transfer. $500 simply won’t be enough.
You impose this one me, and I go banking elsewhere. The current Board and CEO keep coming up with these chestnuts!
Yours in incredulity,
Clayton
February 6th, 2009 at 2:48 pm
Hi Clayton,
We certainly can understand your frustrations about these up coming changes and it is one of the reasons why we are giving our registered online banking users advanced notice.
As an organisation committed to our members we would ideally like to leave the existing limits in place however with increased activity in fraud, scams, and all the hidden viruses being circulated this can no longer be sustained. Check out the government websites committed to keeping the public aware of such activity – http://www.scamwatch.gov.au ; http://www.ahtcc.gov.au
Let me assure you that the inconvenience caused as a result of these changes is truly insignificant to the inconvenienced caused should you be a victim of unauthorised online banking fraud, as some of our members have experienced.
Clayton, I would encourage you to speak with your local Branch Manager who will be only to obliging to workout the best practical solution to meet your needs.
Thanks for your posting
Mark Bramley
Executive Manager, Member Services
February 27th, 2009 at 5:32 pm
Hi all,
Just thought I’d share with you all that BPay transactions will be excluded from the $500 daily external transaction limit.
This decision comes as a result of feedback provided by our members and after reviewing the potential security risks to our members and the credit union.
External transfers, defined as electronic funds transfers to other financial insitutions (excluding BPay) will still be limited to a total of $500 per day from 16 March.
For example, if you want to send 3 separate transactions of $200, totalling $600 via an external transfer in online banking the daily limit applies therefore only allowing the first 2 transactions only to proceed.
If these limitations are going to cause you some concern we encourage you to speak with your local branch to discuss the most practical solution available.
Regards
Mark Bramley
Executive Manager, Member Services