The New Zealand Bankers’ Association is encouraging people to get two-factor authentication in support of Cyber Smart Week.
“We all know it’s important to protect your PINs and passwords when it comes to banking. There’s also another way to fight financial crime and keep your money safe,” say New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“Most banks now offer two-factor authentication, or 2FA, to access online banking or to authorise transactions over certain limits.
“In short, 2FA is an extra layer of protection on top of your password. With 2FA in place, if an attacker knows your password, they won’t necessarily be able to steal your money. It’s like having a second lock for your door.
“Banks do 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 isn’t limited to online banking. It’s also available for other online accounts, including email, social media and shopping.
Cyber Smart Week runs from 27 November to 1 December and is organised by Cert NZ and Connect Smart. Turning on 2FA is one of four things Cyber Smart Week is encouraging people to do to be safer online. The others are:
- Change your password – make your passwords long and strong, and have a unique password for each online account.
- Update your operating system (OS) – keeping your OS up to date is a really good way to defend against bugs and viruses.
- Check your privacy settings – set your privacy settings so you know exactly who can see what you post on social media.
Doing just one of these will make a difference.
For more information, see https://www.cert.govt.nz/cybersmart.
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Reserve Bank of New Zealand (more…)
As part of International Fraud Awareness Week, the New Zealand Bankers’ Association has launched a guide on how people can help keep themselves safe from online scams.
“We’ve designed the pamphlet to help raise awareness about the risk of online scams, and how to keep yourself safe,” says New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“We’ve made it easy to read, and included websites where you can find out more information. It’s pretty high level, and isn’t meant to be comprehensive. We hope that it will prompt people to find out more.
“Fraudsters are always coming up with new ways to steal our money. They trick people into handing over personal information. Once they have your bank account details and PIN or password they can access your identity and your money.
“We’re saying it’s okay to be a bit suspicious. For example, beware of email from people you don’t know. Avoid clicking on email links or downloading unknown software. Don’t share PINs and passwords with anyone. Only give personal information to people and organisations you trust.
“It also pays to be careful with other personal information, like your passport and driver’s licence details,” adds Scott-Howman.
The pamphlet will be available in some bank branches. The content of the guide is also available on NZBA’s website here: https://www.nzba.org.nz/consumer-information/fraud-protection/how-to-keep-yourself-safe-from-online-scams/
A printable PDF version is available here: https://www.nzba.org.nz/wp-content/uploads/2017/04/How-To-Keep-Yourself-Safe-From-Online-Scams-PDF.pdf
International Fraud Awareness Week runs from 12-18 November. For more information, please see: http://www.fraudweek.com/.
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The New Zealand Bankers’ Association announced today that the China Construction Bank (New Zealand) Ltd has joined the association, bringing the total number of member banks to 17.
New Zealand Bankers’ Association chief executive Karen Scott-Howman says: “We are delighted to welcome CCBNZ to the Bankers’ Association. China is one of New Zealand’s most important trading partners. Having Chinese banks here helps support this trading relationship.
“CCBNZ’s participation in the New Zealand banking industry promotes further competition and diversity in our banking sector”, says Scott-Howman.
China Construction Bank (New Zealand) chief executive Jun Qi says: “CCB is one of the largest global banks by market capitalisation and total assets. It operates in 30 countries. Since our inception, CCBNZ has aspired to be the first-call Chinese bank in New Zealand. We can leverage our extensive CCB network in China and worldwide.”
CCBNZ offers its customers a range of financial services, with an active focus on supporting economic cooperation and trade between New Zealand and China.
As the voice of the banking industry, the New Zealand Bankers’ Association supports a strong and stable banking system that benefits New Zealand. Member banks work together on a range of non-competitive industry issues.
Other New Zealand Bankers’ Association members are ANZ New Zealand, ASB Bank, Bank of China, Bank of New Zealand, Bank of Tokyo-Mitsubishi UFJ, Citibank, The Co-operative Bank, Heartland Bank, Hong Kong and Shanghai Banking Corporation, Industrial and Commercial Bank of China, JPMorgan Chase Bank, Kiwibank, Rabobank New Zealand, SBS Bank, TSB Bank, and Westpac New Zealand.
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“We have no issues with the particular thresholds set by the Government. The main concern for the banking industry is being able to meet its obligations within statutory deadlines, in consultation with other parties.”
Ministry of Justice
“We are very open to have conversations, but so far there’s no regulator which has consulted publicly on it.”
Scott-Howman stresses the importance of security of people’s financial data.
“Banks are particularly interested in the borrower’s ability to repay the loan, and the security provided for the loan. People seeking home loans need to be up front with the bank about their personal circumstances, such as existing financial obligations and outgoings.”
“We’re particularly pleased that the FMA has confirmed there are no systemic conduct issues around the use of the benchmark. That provides an assurance that banks can use the rate with confidence,” Scott-Howman says.