After announcing a partnership with internet banking specialist Ultradata a month ago, Australia Post said the NSW Teachers Credit Union had signed on to VIP Online Security as part of its existing Ultradata core banking and net banking software system.
Australia Post Authentication Services manager Roger Lee said the VIP service would give an additional layer of protection to NSW teachers Credit Union account holders.
The service uses Verisign technology whereby account holders can be issued an electronic token that generates a one-time password each time the user wants to access their account. The OTP is used in addition to existing password protection on the site.
The VIP Online Security product is the latest in a series of managed security and authentication services Australia Post has specialised in. It has a strong history in providing services to financial institutions, including Bank@post, POSTBillPay, In-Person Proofing and verifying identity for bank accounts.
Leveraging a shared authentication network, the VIP Online Security lets online service providers accept the same authentication credentials as other participating members of VeriSign’s global VIP network.
NSW Teachers Credit Union chief executive Steve James said embracing security tokens was an important milestone for the credit union’s membership.
“As we don’t have a branch network, they rely very heavily on the internet to access their accounts,” Mr James said.
“Obviously, security in online banking is our prime consideration and Australia Post’s two-factor authentication will provide our members with peace of mind when transacting over the internet,” he said.
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