The service, VIP Online Security, is powered by VeriSign Identity Protection (VIP) technology and enables institutions to implement one-time password authentication through a physical token.
According to Steve James, chief executive officer at NSW Teachers Credit Union, it was an important milestone for their 140,000 members who rely on the Internet for transactions.
“Security in online banking is our prime consideration, as we do not have a branch network, they rely very heavily on the Internet to access their accounts,” said James in a statement.
Brad Hedgman, deputy chief executive officer at the NSW Teachers Credit Union, told SC that even though VeriSign has a strong global network, the organisation chose the re-branded option through Australia Post.
“Australia Post’s corporate brand and its nationwide supply chain were appealing for our members,” he said.
According to Steve Gray, marketing manager for VIP Online Security at Australia Post, members can also use the single token on other member applications.
The fact that members can use the security on other member sites was a feature the NSW Teachers Credit Union enjoyed, said Hedgman. “We didn’t want our members to have multiple tokens and passwords.”
“We’re also looking at SMS delivery of one-time passwords with our current software providers Ultradata. Hopefully, we’ll have it start to roll out by Q2, as part of an integrated service,” added Hedgman.
NSW Teachers Credit Union joins Australia Post security service
By Negar Salek on Feb 21, 2007 11:26AM