ABA to create standards for online authentication

Mon Jul 12 09:24:46 UTC 2004

On Sat, 10 Jul 2004, Scott Savage wrote:
> now because it is easy money and easy to get away with. I laugh every time
> I see those Citibank identity theft ads on TV because, as funny as they
> are, they speak the truth. Cell providers are the worst offenders of all.

Sydney, July 12, 2004: The Australian Bankers' Association (ABA) has
formed a new industry taskforce to set standards for enhanced
authentication of online transactions.

The ABA will develop these standards, with its member banks, who will
assess the level of risk associated with each transaction and establish
appropriate mechanisms to verify the customer's identity. While the new
Taskforce works on the industry standards, ABA member banks will continue
development of their own authentication initiatives.
[...]
David Bell, Chief Executive of the ABA, said:  "Online banking systems are
secure and have not been hacked. However, the banking industry recognises
the very real threat posed by identity thieves obtaining customers.
Internet banking log-on details in order to complete fraudulent money
transfers."

http://www.bankers.asn.au/ABA/Online/default.asp?DeptID=7&ArticleID=533