Commonwealth Bank customers now have access to an additional layer of security when shopping online, the NetCode SMS or token – a one-time password issued by the bank.
Commonwealth Bank’s online banking customers may already be familiar with the NetCode SMS or token system, which is already providing an additional layer of security to the Bank’s 3.8 million NetBank customers conducting online funds transfers or payments.
NetCode SMS is a free, single use secure code sent to a customer’s mobile 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.
According to Commonwealth Bank’s John Geurts, Executive General Manager Group Security, 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.
“Alongside greater peace of mind when shopping online and an additional layer of security in identifying a transaction is taking place by the genuine cardholder, the major advantages of NetCode is that it is not a static password and customers don’t have to remember additional passwords,” said Mr Geurts.
“When customers are making an online purchase they may be asked to verify their purchase using their NetCode SMS or token, just as they do with a new NetBank funds transfer or payment.”
Debit and credit cardholders who currently use NetCode SMS or token will automatically be registered for this additional layer of security.
Small businesses wishing to add MasterCard SecureCode or Verified by Visa functionality to their ecommerce sites are advised to contact their bank to discuss the details. Commonwealth Bank customers can liaise with their merchant contact from today to evaluate the capability.
More information can be found at: www.commbank.com.au/SecureInternetShopping