Teachers Mutual Bank: reducing the risk of online fraud
"We could see a real future with Australia Post VIP Online Security. Allowing our members to use tokens across multiple websites gives our members greater choice, while also providing them with the highest level of security."
- Brad Hedgman, Deputy Chief Executive of Teachers Mutual Bank
With no physical branch network, over 50 per cent of Teachers Mutual Bank's 155,000 members use internet banking to carry out their day-to-day transactions.
With internet-related fraud accounting for 40 per cent of Teachers Mutual Bank's total fraud cases, it needed to find a better way to protect members when they bank online.
Australia Post VIP Online Security provides members with two-factor, one-time password security tokens, for banking and for use on other online transaction sites such as eBay and PayPal.
Nearly 20,000 Teachers Mutual Bank members immediately adopted the new security token system. Internet-related fraud dropped from 40 per cent of total fraud to less than 10 per cent.