It’s interesting to see that the internet banking code lauching tomorrow has been watered down.
RaboPlus on the other hand have taken the responsibility to ensure security (for the bank and the customer) by providing each of their customers with a Digipass. This Digipass ensures that only you can access your account…unless you first divulged your account number, then the password to your Digipass, then were able to activate the digipass to input the unique 6-digit code each time you wanted to make a transaction.
If I’m giving a bank my money then I expect them to look after it. That means they need to protect every avenue that a criminal might use to get at my funds. My responsibility should be limited to taking as much care as I can to keep my PIN secure. Other than that the bank protects my money from physical and electronic theft. That’s why I pay fees.
It seems that RaboPlus can protect my money from cyber crime, AND charge me nothing for the privilege, whereas Westpac put the onus almost completely on me and charge me excessive bank fees. Who is doing the better job?