First National Bank (FNB) and RMB Private Bank have added another level of security to Internet banking by introducing a new service using a DigiTag device for generating single-use PIN codes.
DigiTag is a device that generates a unique eight-digit security code to be used in conjunction with the standard user ID and password to authorise access to FNB and RMB Internet banking services.
"We are the first banks in SA to introduce this technology," says Roland le Sueur, head of FNB Internet banking. "We are very excited and proud to introduce this next level of security in the industry."
The optional DigiTag security service will be available from Monday next week and is FNB`s response to combating identity theft, which Gartner says is the fastest-growing crime in history.
Le Sueur says DigTag eliminates the risk of security logging software being used to record keystrokes. "Each banking session requires a new code, which is generated independently of a PC, which means it is safe for customers to use any PC wherever they are in the world for Internet banking."
The DigiTag units are supplied by ActivCard, which has provided security tokens to a number of international banks like Barclays and Deutsche Bank.
"We believe we have made the best possible choice of technology and vendor," affirms Angus Brown, FNB`s eBucks banking portal CEO.
Le Sueur says a thorough investigation was undertaken to find the best possible way of offering additional security to customers, including various cellular-based options. "This decision wasn`t taken lightly and we believe ActivCard will be able to innovate to find ways around any future security threats."
"DigiTag places FNB and RMB Private Bank among the most secure online banking services in the world," says Martin Smullen, ActivCard SA MD.
"Adding another security verification layer linking something you have, like a token, to something you know, like a user ID and password, increases security and ensures only trusted entities get access to any online system," says Angeli Hoekstra, partner security and technology services, PricewaterhouseCoopers.
FNB clients can elect to make use of the additional security service by ordering DigiTag from the Internet banking help desk or online though eBucks. DigiTag will be available until April for R50.
"We are sponsoring DigiTag until then to promote acceptance in the marketplace," says Le Sueur.
Although the new security service will be available only for Internet bankers initially, Le Sueur says there is a great deal of potential to extend the service to other modes of banking and combining it with other banking security initiatives, such as the security standards defined by EMVCo formed by Europay, Mastercard and Visa (EMV).
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