The Power of NetGuard to Protect BNZ Customers

30 August 2007
Media release – for immediate release

The Power of NetGuard to Protect BNZ Customers

Amidst the current debate around on-line banking some key points have been lost in the bid for headlines and commercial gain.

Our goal at the BNZ is to protect not just customers’ money, but also their privacy, identity and peace of mind. Suggesting they go on-line without PC security or a 2FA may make good headlines but it doesn’t help the customer. More on that later.

First of all: what’s a 2FA?

It’s ‘Two Factor Authentication’ and it’s simply another layer of security. The BNZ 2FA product is called NetGuard. It comes as a card or a token that fits in your wallet. It’s free and it’s easy to use (timed to take around ten seconds and there’s a step by step demonstration on our website). It’s a ‘front end’ 2FA which means you use it as you log on to your bank account and it protects your entire on-line banking session. So, even if an on-line fraudster gets hold of your password they can’t log in to your account unless they have your NetGuard card too.

That means it protects not just your money, but your privacy and your identity too. We believe that’s pretty important.

Which brings us back to our original point: the BNZ has invested millions behind developing NetGuard because we believe strongly in creating a safe on-line banking environment. We also believe strongly that talking only about reimbursement is ‘bottom of the cliff’ thinking; we’d rather our customers didn’t take the fall in the first place. Encouraging customers to go on-line without security or Two Factor Authentication may make good headlines but it shows little regard for their welfare or privacy. Banks will pay back lost funds if customers fall victim to fraud but what about the other costs: stress, inconvenience and invasion of privacy?

If Banks are encouraging people to use the Internet, they should also be highlighting the risks and working to reduce them by investing behind products that offer additional protection: like NetGuard.

So, if you are a BNZ customer and you are signed up for NetGuard, continue to bank on-line with peace of mind. If you are one of the small number of on-line customers who doesn’t have NetGuard, now is the time to get it.

If you are not a BNZ customer we’d encourage you to ask your bank the question: what Two Factor Authentication product do you have for me, is it free, and will it protect my entire on-line banking session? If you don’t like the answer, come and talk to us.

ENDS

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