National Australia Bank to fight phishing

We believe that nearly everyone with Internet access and an e-mail account has received one of those mails where the sender is asking you to verify your account details. When clicking on the link, one is transported to a webpage that looks pretty much like the bank the sender is pretending to come from - be it Citibank, Standard Chartered or National Australia Bank - this whole thing is aiming at getting someones account details -creditcard number, passwords and so on, in order to empty it.

The whole process is called phishing. The National Australia Bank is now introducing a concept could pretty quickly gain momentum to fight phishing - it is an easy process, since it involves a bit of a hassle for the consumer - but what is the hassle against an empty bank account anyway. National Australia Bank (NAB) introduced a two-factor authentication - its one million internet banking customers will be offered the option of registering their mobile phone number with the bank, which will SMS a unique PIN to the phone during each transaction. Customers will then enter the PIN on the website to confirm the transaction. The one-time PIN gives extra protection for customers whose user IDs and passwords are stolen.