Investec Private Bank has upgraded its online banking security features to include a keypad on the logon screen of its e-banking page and the use of e-mail or SMS notifications to confirm change of beneficiaries.
Investec says the new security features are designed to help protect clients against hacking or keystroke monitoring. The features are being introduced alongside a new cash management account that will complement the bank`s other private banking services.
"We have uploaded a keypad onto the logon page of our online banking site," says Wayne Preston, head of IT at Investec Private Bank. "The numbers appearing on the keypad will be randomised. The pad will also move in a horizontal frame to limit predictive monitoring of keystrokes and curb so-called 'screen scraping`. We advise our clients to use both the mouse to click the keypad on screen and the keyboard in combination."
The extended online banking service will allow clients to manage their funds 24 hours a day, seven days a week, worldwide, says the bank.
"Investors can decide how much to invest and the length of the investment period, with no minimum investment amount," Preston says.
Other enhancements include improved inter-account functionality, accessibility and flexibility. The cash management account will allow Investec clients to transfer funds through their private bank account to and from their lending accounts, treasury accounts (rules permitting) and external bank accounts.
Preston says clients currently have the option to receive SMS or e-mail confirmations of transactions performed through online banking. Any additions or amendments to online beneficiaries, or ad hoc or scheduled payments will also be confirmed for clients via e-mail or SMS by the end of the month.
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