New security measures driving online banking uptake at Bank of Queensland

New security measures driving online banking uptake at Bank of Queensland

Australia's Bank of Queensland has attributed a surge in online banking user uptake to the introduction of two-factor authentication security technology last year.

BOQ last year upgraded its Website to offer SMS banking services and began issuing subscribers with free passcode security tokens. The tokens offer two levels of security, from one-time passwords for routine account checks to more intricate transaction signatures used to authorise more sensitive transactions, such as the transfer of funds to other accounts.

The bank says it has experienced a three-fold increase in new customers since the measures were introduced - signing up as many new customers in the year since its upgrade as in the previous three years combined.

Craig Broomfield, head of direct banking at BOQ, believes the tighter security with the BOQ Token is a key driver of the increased customer take-up.

"Security has always been a key concern for our customers when it comes to Internet banking," he states. "So I have no doubt that the improved security features, including our token, are making a real impact on customer take-up."

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