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Australia bank eyes three-factor authentication

National Australia Bank has announced it is considering three-factor authentication for internet and mobile phone banking.

National Australia Bank has announced it is considering three-factor authentication for internet and mobile phone banking.

The bank hopes to leapfrog competitors by adding an extra level of security to the standard two-factor authentication offered by its rivals, according to local reports.

According to the bank, the infrastructure is in place to use voiceprints to authenticate users. This follows the installation of voice authentication technology in its call centres in June.

Most UK banks use two-factor authentication, which improves on passwords by requiring customers to authenticate themselves using one time password.

But in March, law enforcement officials and IT security professionals heard at the eCrime Congress 2009 that two factor authentication is not as secure as was first thought.

Multi-factor authentication is an important element to defending against rapidly evolving cybercriminal attacks, according to a report from the anti-fraud command centre (AFCC) of RSA, the security division of EMC, published in June.

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