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News

  • BNZ card technology reduces fraud

    The Bank of New Zealand says its Liquid Encryption Number (LEN) technology for preventing credit card fraud has been a success since it was first trialled on a limited basis in 2008, with the rate of fraudulent transactions from cloned credit cards in New Zealand down by 50 per cent. It is now in place in all BNZ credit and debit cards.
    The technology works by changing numbers on cards’ magnetic strips every time a transaction takes place, or an account balance is requested at an ATM.

  • Banks peel away from ‘minimum standards’ of Banking Code

    Westpac NZ and National Bank yesterday moved to reassure internet banking customers they would not be held liable for online banking fraud, effectively distancing themselves from the New Zealand Bankers’ Association’s new online banking code.

  • Bank exec recommends more software security scrutiny

    Since establishing a technology risk and security team more than two years ago, the National Australia Bank (NAB) has delivered a scathing report on the insecurity of enterprise software, including that provided by information security vendors themselves.

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