online banking - News, Features, and Slideshows


  • More NZ businesses going online: report

    The latest MYOB Business Monitor Digital Nation Report states that 41 per cent of New Zealand SMEs now operate a business website – up from 34 per cent in March 2013. A further 7 per cent operate a social media site, while 16 per cent have both a website and a social media site.

  • Online banking proving popular at Westpac

    Westpac is seeing increased uptake of online banking, with an average of 160,000 customers now logging on each day to make transactions and check balances, the bank says.

  • NAB reports online banking login issues

    The National Australia Bank (NAB) is reporting issues with its online banking portal and directing customers to use its phone banking system as an alternate.

  • Trojan can grab extra personal banking data

    A Trojan horse program now available to a growing number of fraudsters can add data entry fields to legitimate online banking sites and entice consumers to give up sensitive information such as bank card numbers and PINs (personal identification numbers).

  • Banking code backdown boosts user confidence

    The Bankers’ Association has rewritten its Code of Practice, removing controversial provisions allowing banks to inspect their customers’ computers in cases of online fraud.

  • UK online banking rules similar to ill-fated NZ code

    The British Bankers' Association has developed a new banking code requiring online banking customers to to prove they are not "acting without reasonable care".
    The new UK voluntary Banking Code appears similar to one released in New Zealand last year, which later had to be withdrawn and reconsidered after Computerworld reported it allowed banks to inspect users' computers before accepting liability for online banking fraud. As such, the code effectively shifted the goalposts for liability in cases of loss.
    Alan Yates, the CEO of the New Zealand Bankers' Association, says work on revising the local code is "progressing".
    "We haven't got sign-off for the latests changes," he says.
    He says the Bankers' Association has been consulting on the changes and is awaiting sign-off from its council before releasing the latest version of the code.
    Now UK web users who fail to keep their antivirus and anti-spyware software up to date may find themselves unable to recoup losses which occur via their online banking accounts, Computerworld UK reports.
    "The new code, specifically sections 12.9 and 12.11, places the onus on customers to take reasonable care and make sure that their antivirus and anti-spyware software are up to date," said Yuval Ben-Itzhak, chief technology officer at security firm Finjan.
    "If not, customers might be held responsible for losses on their online banking account," he adds. According to Ben-Itzhak this could potentially include banks rejecting online fraud claims upfront.
    Last year the New Zealand Bankers' Association released its ill-fated Code of Practice which said liability for any loss resulting from unauthorised internet banking transactions rests with the customer if they have “used a computer or device that does not have appropriate protective software and operating system installed and up-to-date, [or] failed to take reasonable steps to ensure that the protective systems, such as virus scanning, firewall, antispyware, operating system and anti-spam software on [the] computer, are up-to-date.”

  • Eftpos payments online: the technology is here

    Australian company Centricom has developed technology which allows for online payments straight from users’ bank accounts. Centricom’s Payments online (POLi) supports all the major banks in New Zealand. The company has 15 customers in Australia, but none in New Zealand so far, as no NZ merchants have signed on yet to use the service.

  • Is pure internet banking dead?

    Online banking seemed until recently one of e-tailing’s success stories, but doubts have been cast on its viability as a online “pure play” following some US disasters and AMP bank’s pullout from New Zealand.