Citi slashes fraud
(19 October 2010 – Australia) Citigroup Australia has claimed to have slashed online fraud rates to "almost zero" by using a two factor authentication system and is now testing voice biometrics.
Speaking to local reporters Roy Gori, Citigroup Australia’s chief executive officer, said that he cannot recall one case of internet fraud among the bank’s 200,000 online customers over the last twelve months.
The bank employs a two-factor security system that requires customers to enter a user ID before typing in a password using a dynamic keypad on the screen, followed by the customer then having to answer a predetermined security question.
Mr Gori said that the bank's plan was to be the 'smartest bank so the fraudsters go after the dumbest ones' and that the system is now being extended to its mobile banking customers.
Mr Gori also added that the bank is testing voice biometrics from an unnamed supplier to enhance security features.
The bank employs a two-factor security system that requires customers to enter a user ID before typing in a password using a dynamic keypad on the screen, followed by the customer then having to answer a predetermined security question.
Mr Gori said that the bank's plan was to be the 'smartest bank so the fraudsters go after the dumbest ones' and that the system is now being extended to its mobile banking customers.
Mr Gori also added that the bank is testing voice biometrics from an unnamed supplier to enhance security features.
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