Suncorp Secures Online Banking With RSA Tokens

December 18th, 2006: The Suncorp Group as announced that it has picked RSA Security’s SecurID authentication technology to protect its customers from risk when using internet banking.

Suncorp will be using RSA’s two-factor identification solution which uses the combination of a password and a security token to authorise online transactions.

The token is small enough to be clipped onto a keyring and features an LCD display that shows a new, unpredictable code every 60 seconds.

“Businesses and consumers are becoming much more aware that a broad range of IT security threats exist and continue to evolve,” said Geoff Noble, RSA Finance and Banking Specialist. “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.”

Previously, Suncorp used an external transfer password when transferring funds to a non-Suncorp account. This will be replaced by the randomly generated code provided by the Suncorp Security Token.

“With the introduction of the Suncorp Security Token, we are hoping to dramatically reduce the threat of unauthorised transactions occurring,” said Terry Wasmund, Suncorp’s General Manager Deposits. “Customers now need to enter two random codes – one at log in and one when transferring externally.”

Suncorp says over 12,000 customers have applied for the security token since its launch a month ago.

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