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Protecting our customers online – new security measures introduced

Last week, Australian businesses, government and community groups worked together to promote online security as part of Stay Smart Online week. The awareness week aims to help raise awareness of the ways people can protect themselves online.

At Bank of us, protecting our customers personal information and their funds is fundamental to the way we do business.

We have several measures in place to ensure that our customers are protected from any fraud attempt including our encrypted Internet Bank and our state-of the art fraud monitoring system.

Over the past few months we have seen a heightened level of fraudulent activity across the financial industry.

Due to this activity we’ve decided to introduce two new security measures to further protect our own customers.

Effectively immediately:

Changes to the way we identify customers via the Contact Centre

Customers must provide their verbal password as part of the identification process.

If a customer is unable to remember their password they will need to visit one of our Stores to be verified, and update or change their password.

Transaction limits for OSKO (real time) payments

  • To reduce the chances of fraud using OSKO (real time) payments, each transaction will have a maximum limit. Standard transfers are exempt from this limit.
  • A daily limit may also apply to OSKO and standard transfers.
  • In addition, some transactions may be held until verified the next business day.

As with any change to the way we do things, it will no doubt take a little time to get used to these new measures and may cause some inconvenience.

Our customers are our No.1 priority and we are confident that with these new security measures in place, our customers will have greater peace of mind, knowing that their personal information and funds are protected.