Standard Bank today announced that it has purchased and would now supply free of charge to all its new and existing internet banking customers, McAfee personal firewall and anti-virus software as an extra precaution to providing a safe online environment. A Pin Pad safety device has also been introduced to counteract keypad logging software used recently to defraud another bank's clients.
The software can be downloaded from Standard Bank's Internet banking site after customers have logged on. The cost of the firewall and anti-virus software will be borne by Standard Bank for a period of one year, after which customers will be responsible for the maintenance fee on the software, which will be negotiated in bulk by Standard Bank for the benefit of its customers.
Says Jacko Maree, Chief Executive: "Security in the financial environment has to be a partnership between a bank and its customers. We have taken the decision to assist our customers in ensuring that their personal computer environment is protected by providing world-class firewall and anti-virus software, free of charge. Added to this, we have introduced additional security measures which we believe are currently unique in the South African personal banking environment. These measures are designed to not only enhance our own controls against perceived threats, but also to assist our customers in securing their PCs."
Says Johan Roets: Director: Direct Distribution, Standard Bank: "The firewall and anti-virus software may not in all cases protect against third-parties gaining access to pin information via so called, 'Spyware' software, therefore Standard Bank has also introduced a calculator-type 'Pin Pad' to its online customers. This device will pop up when customers log onto the Internet banking site. Instead of using a keyboard to type in the customer selected pin, customers will use their mouse to click the numbers on the pin pad, making keystroke detection impossible via keystroke logging software.
"We urge customers to make use of a reputable Internet service provider (ISP) with effective anti-virus software. Tiscali, a leading ISP, has agreed to partner with Standard Bank to assist customers with queries and telephonic help."
Says Maree: "To date, we have received no communication from customers to indicate that they have fallen victim to this type of fraud, but security is always a top priority and is continually improved, based on known and emerging threats."
The security measures Standard Bank already has in place include:
* A double lock password system which was introduced in 2001 to increase the protection of Standard Bank's Internet banking customers. These passwords ensure that in addition to the customer selected pin which is used to authenticate a customer online, an additional password is required to log onto the internet bank. This password is different from the customer's normal ATM pin.
* In 2002, Standard Bank implemented further controls that ensured that no new beneficiaries could be created on a customer's account or any new information added to the customer's Internet banking profile, without an automatic e-mail being sent to the customer, informing him/her of the changes. Furthermore, new beneficiaries cannot be added to a customer's account over the telephone, but only at a Standard Bank branch or online. These controls, along with the requirement of identifying oneself in a branch to make beneficiary changes, reduces the risk of a customer being defrauded through Internet banking should their account number and pin be compromised.
* Monthly electronic account payment limits, which are set by customers, have been available since the launch of Standard Bank's Internet bank in 1997. These payment limits control the amount of funds that can be transferred from a customer's account cumulatively monthly. Once again, these payment limits can only be changed by a customer at a branch, after positive identification.
Standard Bank and Tiscali have also launched two customer "helplines" for queries and for support in installing the software. To install the firewall and anti-virus software, Standard Bank customers should log on to Standard Bank's Internet bank at www.standardbank.co.za. The helpline numbers are 0860 123 456 at Standard Bank or 086 000 1177 at Tiscali. The new measures and safety tips will be advertised in the media and will soon be available in branches for all customers.
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