Your say: Online banking security

Stuff readers share their views on internet banking security in New Zealand.

I use internet banking very reluctantly as I worry about the security aspect.  My bank does not have two factor identification as some other banks do. I have been very tempted to change to a bank that does. Maybe I will change one day.
 - Phil

Internet banking is the best thing to hit banking services since phone banking which I don't even use now. I'm not of the opinion that we use it too much. We should use more of it but at the same time I am very concerned with the security aspect. I think most people are very aware of the security breaches that can occur. Perhaps the bank could do more to develop more simple and less cumbersome software to take account of the fact that not everyone at home has access to a broadband connection. This is especially so for banking customers out in the country distant from banks where this technology is the most useful. I really wish that out of date telecommunucations like Telecom would get their currently poor act together and make modern rapid telecommunications more accessible to all in this country without thinking 24/7 about their mega-profits.
- Michael

Internet banking is great. Saves time and money. The only security  issues are when people give out their details to other people or do not  have decent spyware/antivirus protection.
- David

Jane - This is not the truth. I use a computer and internet every day and I am very competent at it. Yet I still refuse to internet bank. My bank asked me once if I would like to bank via the internet.. and I said "no I do not trust it" the teller said good call, and I have never been asked again, by any branch of my bank. I find the tellers wonderful and they have excellent customer service. I have many friends who were unhappy with their bank and have since changed to mine when they see the level of service that is received. If you don't want internet banking all you have to do is say no. If your bank keeps pushing you then you are with the wrong bank. I must admit... I am not rich, nor do I bank a lot of money. But my bank treats me like a Queen. They don't push me off to another medium like yours does.
- Ash

In response to NZ banks being secured inadequately online, I'd like to say that there are plenty more steps the bank could take to up our security. i know studylink have one
more step which requires a "passphrase" - a sentence the  customer sets and then studylink asks for certain letters in the passphrase each time you log in. It's a simple step  which would make it that much harder to hack into people's accounts?
-  Danae Gardner

You've got no choice if you're a bank customer. Bank will encourage all bank customers to go online even if the risk of internet fraud is quite high. Bank staff are asked to get all customers to go online even if they don't know how to use a computer. Try going to a bank and tell them you dont want to go  online but they will push the idea of onkine internet banking and that's an awful truth.
- Jane

Internet banking has already taken off in most OECD countries. And banks in most of those countries offer security in the offer of 'identifiers' where it is necessary to enter data in offline utilities and copy this onto the website of the bank before being able to do any banking online. In New Zealand however one only needs to know a user name and pass word to do internet banking. That is very risky as the security of the website is no more than that one of a dating site or any other website where you have to enter a few things. Okay it is never okay when one manages to get hold of your user name and pass word but when it is in regard to an 'innocent' website you take it for granted and move on. But when it is for your bank website you have a serious problem. New Zealand banks need to install an additional hurdle because criminals are always going for places where they can obtain information easily. However with the additional hurdle they will be tempted to move their business elsewhere where there is not this additional Hurdle. New Zealand banks should take an example from RABO and introduce extra security.
- Mark Reuinhoudt