As part of Cyber Smart Week the New Zealand Bankers’ Association is reminding people to get two-factor authentication to help protect themselves and their money when banking online.
“Protecting your PINs and passwords is a good way of keeping your banking safe. Using two-factor authentication, or 2FA, is another way to fight financial crime,” says New Zealand Bankers’ Association acting chief executive Antony Buick-Constable.
“Most banks now offer 2FA to access online banking or to authorise transactions over certain limits.
“2FA is an extra layer of protection on top of your password. With 2FA in place, if someone knows your password, they won’t necessarily be able to steal your money.
“Banks offer 2FA in different ways. Some send you codes by text message to approve certain transactions, while others use a device or token to provide an extra layer of security for you to access your accounts.
“It’s worth checking with your bank to see if they offer 2FA, and how to activate it.”
Two-factor authentication is also available for other online accounts, including email, social media and shopping.
Cyber Smart Week runs from 8 to 12 October and is organised by CERT NZ. ‘Protect your online self’ is this year’s theme. Other ways to keep yourself safe online are to:
- Use unique passwords
- Update your apps, and
- Check your privacy.
For more information, see https://www.cert.govt.nz/cybersmart/.
ENDS
As responsible lenders, banks will look at both your willingness and ability to repay. If you don’t have a great credit history, you can work with your bank to rebuild it.
If you’ve been bankrupt before, it will help to rebuild a good credit history that demonstrates your willingness to repay. If you show you can keep up repayments your bank may work with you on something bigger, like a home loan.
Antony Buick-Constable insisted the banks in New Zealand were different to the Australian parent companies, with separate board made up of directors who were required to act in the best interests of the New Zealand operation, under risk of being thrown out of the industry.
Finance and Expenditure Committee (more…)
Finance and Expenditure Committee
Three things you can do to weather a financial shock are:
- Having savings in place in case of an emergency
- Having insurance in place to protect yourself and your property
- Having wills and enduring powers of attorney in place to manage your money if you can’t.
That’s the message from the New Zealand Bankers’ Association as Money Week 2018 kicks off.
“If you’re looking for help to weather life’s financial storms your bank is a good place to start,” says New Zealand Bankers’ Association acting chief executive Antony Buick-Constable.
“Banks offer a range of savings products to help you build your buffer for a rainy day. Your bank may also offer a KiwiSaver scheme that can help set you up for a more financially secure retirement.
“Some banks also provide insurance to protect what’s most important to you – your family, your home, your income, and other valuable assets.
“Our banks also offer online money management tools, calculators, and advice that can help you prepare for unexpected financial events.”
Other practical banking tips are included in our Smarter Banking guide, which is available here: https://www.nzba.org.nz/wp-content/uploads/2018/07/Smarter-Banking-PDF.pdf
Money Week is organised by the Commission for Financial Capability and runs from 3 to 9 September. This year’s theme is financial resilience, and how to weather a financial shock.
More information is available at: https://moneyweek.org.nz/.
Banks have spent hundreds of millions of dollars in recent years installing and upgrading digital technology, internet and phone banking. That’s in response to changing customer demand for 24/7 banking services.
The average customer now uses online, mobile or phone banking once or twice a day and visits a branch once or twice a year.
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