I thought I’d share with you all a recent incident where one of our members has SMS One Time Passwords, on their internet banking and this service stopped funds being fraudulently debited from their account.

The member out of the blue rec’d a text msg on their registered mobile phone number advising of their online banking password.

The member knew they weren’t accessing it so they contacted their branch to discuss. It now appears their home PC has been infected by a virus and their personal details were passed onto a ‘mule’ to gain access to their account and transfer fund out. Unfortunately others who used the PC for their banking at other Financial Institutions where they didnt have SMS One Time Passwords weren’t so lucky and have lost funds.

Because of the SMS One Time Passwords recently introduced at Companion the ‘mule’ cannot gain access to the account.

This is a good success story and goes to show how this service protects your funds and the inconveience caused through this fraudulent activity.

Mark.B
Executive Manager, Member Services

August 19th, 2009 | 2 Comments »

You may think we talk about banking security a lot but its for a good reason.  Currently Australia is experiencing fraud at a high volume scale,  so its important that you are aware of current scams and how you can protect yourself.  The key thing to always remember is that we will NEVER ask you to disclose your PIN or personal banking details in an email or unsolicited phone call.

• Vishing: is a recorded phone message sent to your phone which asks you to disclose your personal banking details such as a card and PIN number. They may sound legitimate, and state they are your local bank or even perhaps the Australian Federal Police.  Do not provide your details, and contact your local financial provider
• Phishing: Financial Instituitions have been a target for phishing emails. These emails purport to come from reputable Financial Institutions and have numerous different hyperlinks within them to other sites where when clicked will download Trojan viruses designed to steal username and passwords to conduct financial crimes. Do not click on the links and if in doubt ring your financial provider.
• ATM & Card Skimming: When using your card always ensure you are aware of the people around you, ensure you cover the number pad with your spare hand when typing in your PIN to shield it from snooping eyes or even hidden cameras placed on the ATM.

For more information visit: http://www.companion.com.au/public/online_banking/online_security.cfm
http://www.fido.asic.gov.au/fido/fido.nsf/byHeadline/Scams%20%26%20Swindlers%20portal

July 28th, 2009 | Leave a Comment »