RSA, The Security Division of EMC (NYSE: EMC) today announced that Suncorp Group (ASX: SUN), an integrated financial service provider operating strong banking, insurance and wealth management businesses, has selected RSA SecurID two-factor authentication solutions to safeguard its internet customers.
Since its launch one month ago, more than 12,000 customers have applied for the Suncorp Security Token.
Using RSA's two-factor authentication solution, Suncorp customer identities will be verified in two ways; using something they know (a password) and something they have (a Suncorp branded security token). The token - small enough to put on a key ring - has an LCD display which is engineered to display a new, unpredictable code every 60 seconds.
The user combines this randomly generated number with his or her secret Personal Identification Number (PIN) to authorise transactions made from their Suncorp internet banking account.
Suncorp General Manager Deposits Terry Wasmund said making internet banking as safe as possible for customers is a priority. "With the introduction of the Suncorp Security Token, we are hoping to dramatically reduce the threat of unauthorised transactions occurring, as customers now need to enter two random codes - one at log in and one when transferring externally."
He added that it would also make it much more difficult for the "bad guys" to move any funds out of the accounts.
Geoff Noble, RSA Finance and Banking Specialist said, "Suncorp has sought to significantly reduce the level of online fraud perpetuated through relentless external threats including phishing attacks. Ultimately Suncorp are protecting the assets and identities of their customers by providing stronger layers of security to maintain a high level of confidence in online banking."
"Businesses and consumers are becoming much more aware that a broad range of IT security threats exist and continue to evolve. It is quite evident that the standard user name/password combination is not sufficient for determining the identity of someone attempting to access and compromise private information, and this risk is compounded when dealing with online transactional activities to external sources."
Suncorp previously used an external transfer password when transferring funds to a non-Suncorp account, which will be replaced by the randomly generated code provided by the Suncorp Security Token.