|
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
("Absa")
ISIN code: ZAE000013389
JSE code: ASA
Issuer code: AMAGB
Absa reassures Internet banking customers
"Customers" peace of mind remains Absa"s top priority. We are committed to
providing a secure Internet banking service to our customers," says Alfie
Naidoo, Managing Executive Absa E-Channels. "Absa also has a zero-tolerance
policy towards all forms of fraud and will seek prosecution against anyone
involved in fraudulent activities reported by our customers".
"Our customers" money is safe. We promise that, if a customer"s account is
accessed illegally and where they have followed the suggested precautions, Absa
will refund their money following a thorough investigation," Naidoo says.
Absa IT experts met with the Sunday Times and the software engineer that alleged
to the Sunday Times that the Internet banking security features of Absa, FNB and
Standard Bank are potentially vulnerable to Internet fraudsters.
The issue of identity theft, across both the local and international banking
industry, has been further reinforced by the software engineer. This further
emphasises the importance of an ongoing partnership between banks and their
customers to effectively secure Internet banking transactions.
Absa communicated to its customers last week that it is implementing two new
Internet banking security features to further enhance security for its
customers. These include Enhanced Online Authentication and Random Verification
Number security features.
The Enhanced Online Authentication comprises a password in addition to PIN,
providing a second layer of security to the logon process. Absa Internet
banking customers will be asked to fill in random characters from their password
each time they log in.
The Random Verification Number Feature gives greater control over the creation
of beneficiaries and operators linked to customers" accounts. A unique randomly
generated code, delivered to the customer via SMS or e-mail, is required to
enable the creation of online beneficiaries. Without this code online
beneficiaries cannot be created and thus fraudsters cannot set-up bogus
beneficiaries and siphon money out of customers" accounts.
Absa believes that it is the combination of the steps taken to date and the
inclusion of the above additional security features, that will most effectively
protect customer banking details.
Richard Peasey, Absa Group Information Officer says, "Securing Internet banking
is an ongoing process and we will continue to constantly enhance our security
landscape which includes the customer. Absa is committed to assisting customers
to transact in the safest possible way. Our security features rank among the
best in the world and we continue with our on-going customer awareness
programme. We host regular forums with software and security vendors, both
locally and internationally, in order to stay abreast of latest vulnerabilities
and threats."
Issued by Errol Smith
Manager: Media Services
Absa Group Communication and Public Affairs
Tel: (011) 350-5768
082-573-0059 (mobile)
For more information contact:
Alfie Naidoo
Managing Executive: Absa E-Channels
Tel: (011) 350-7300
Richard Peasey
Absa Group Information Security Officer
Tel: (011) 350-4000
Lead Sponsor
Merrill Lynch South Africa (Pty) Limited
Co-Sponsor
ABSA Corporate and Merchant Bank
Date: 06/10/2003 09:11:03 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
