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Following on with our series of articles introducing the New Payments Platform, arriving in early 2018, we now address the security and safety features powering this new initiative. 

 

At bcu, we take the protection of our member’s accounts and information very seriously, and treat system security as an absolute priority. As you are aware NPPA/OSKO payments will be instantaneous, and bcu has thoroughly investigated the impacts and undertaken a series of tests to ensure our systems continue to remain safe and secure following the implementation of NPP into our internet banking.

bcu must also comply with strict rules around real-time security and Fraud detection imposed by NPPA and BPAY. To ensure we protect our customers and meet these rules, bcu have implemented the following Fraud prevention measures:

1. Fraud Interceptor

Our new fraud monitoring system offers 24/7 real-time monitoring of transactions and will keep your money safe when using our digital channels, ATMs and Cards. Fraud Interceptor offers Responsive SMS allowing members to release or block suspect transactions by simply responding to the SMS.

2. Daily Limits

bcu will continue to impose Daily Transaction limits on all bcu customers to ensure the risk of Fraud is minimised. The total daily limit is $2,000 per day for all non-card transactions (inclusive - unless a higher daily limit has been approved).

3. SMS Security Code

bcu will be making SMS security codes (beyond login) mandatory for all members using any of the digital channels with the implementation of NPP. This is in line with industry standards and will be implemented in early February 2018 before NPP is introduced. 

From early Feb 2018, all members who are completing the following transactions through a digital channel will be required to enter a SMS security code before the transaction can be finalised:

  • create or modify an external transfer personal payee
  • create or modify a BPAY personal payee
  • process an external transfer to a new payee
  • process a BPAY to a new payee
  • schedule an external transfer batch
  • schedule a BPAY batch
  • change your iBank password
  • change your contact details

To learn more information about SMS security codes, visit our dedicated page here https://www.bcu.com.au/security-codes.

Important Reminder

Whilst customers can be comforted by the fact that our Fraud reduction measures will reduce the instance of Fraud, as always customers must remain alert to the possibility of scam emails, social media messages and SMS messages asking for urgent payments or account details.

When discussing the potential for fraud and our fraud reduction measures with customers, please remind them that bcu will never contact them and ask for internet banking log in details - internet banking details should never be shared with anyone, even friends and family.


Important information

Information on this website is general and has been prepared without taking into account your objectives, financial situation or needs. You should consider whether this information is suitable for your objectives, financial situation and needs before acting on the information provided.