Absa beefs up Internet security
From last night, Absa Internet Banking customers who choose to use the full suite of security measures will enjoy extra peace of mind. The functionality to buy prepaid cellphone or Telkom airtime on the Absa Internet Banking website will now also be protected by the automatically generated one-time password or Random Verification Number (RVN) service.
The unique password will be sent by e-mail or cellphone SMS to the customer and can be used to enable the particular prepaid purchase while the customer is online.
"The new measures are in response to the reports of fraudsters accessing the account details of customers and then using that information to buy prepaid airtime via Internet Banking," says Venete Klein, Executive Director: Absa Retail Banking.
"Extending the deployment of our successful Random Verification Number (RVN) service is in line with our strategic action plan for secure Internet Banking."
The new system is simple and free, but requires that customers using the Absa Internet Banking site to purchase airtime register for Absa’s Random Verification Number (RVN) service if they have not done so already. This can be done online.
"The RVN is a temporary, unique code – in effect a one-time password for that particular online functionality for that session. It is sent to the client via cellphone SMS or by email," says Christo Vrey, General Manager: Absa Group Digital Channels.
"Once received it must be entered online before the prepaid purchase functionality will be made available for use.
"Because the password is unique, new and valid for only that transaction, it stops fraudsters in their tracks, as they are unable to perform the listed transactions without the RVN."
The RVN service is currently optional for other Absa Internet Banking transactions but will become mandatory in the last quarter of this year.
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