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St George to upgrade internet platform, security

St George to upgrade internet platform, security

(7 October 2005 – Australia) St George Bank has announced it will start overhauling its ten year old internet banking platform in 2006 with the new system to be built in-house. St George inherited its current online banking platform when it acquired Advance Bank in 1996.

The bank will also improve security of its online banking environment by introducing SMS text authentication.

Customers will receive passwords via SMS texts, or telephone, that can be used once when transferring funds across accounts before expiring.

Business customers will use token based authentication but St George chief information officer John Lobenstein said tokens were too expensive to be deployed in the retail market.

Last month BankWest rolled out a security token system for its online business banking customers.
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