CBA tightens security amidst growing cyber threats—what you need to know

In a bid to combat rising cyber threats, Commonwealth Bank is rolling out a critical security update for its 7.5 million customers. The move comes as online fraud and digital attacks become more sophisticated, prompting the bank to take action to safeguard customer accounts.

Starting next month, Commonwealth Bank is introducing an ‘extra layer of security’ for its Netbank customers who utilise the bank’s app. This security measure is part of a broader trend in the banking industry towards multi-factor authentication (MFA), a security protocol that requires more than one method of verification to access an account.

Recognised as ‘one of the most effective defences against cybercrime,’ including online banking fraud, MFA is becoming the standard for financial institutions worldwide. 

For those of you who may not be familiar, multi-factor authentication typically involves something you know (like a password), something you have (like a smartphone), and something you are (like a fingerprint). By combining these elements, the security of accessing sensitive information is greatly enhanced.

The Commonwealth Bank has already implemented app prompts for certain transactions and verification processes to confirm the legitimacy of calls from the bank. With this new initiative, customers will receive a notification through the CommBank app whenever there is an attempt to log into their account via Netbank. They can then confirm whether they are indeed trying to access their account, adding a crucial verification step that could thwart unauthorised access.

If a login attempt is flagged as suspicious, or if the customer denies the prompt, they will be prompted to reset their Netbank password. Moreover, if the prompt goes unanswered, access to internet banking will be blocked, ensuring that only verified users can proceed.

This security overhaul is not a blanket change for all Commonwealth Bank customers but is specifically targeted at those who already use the CommBank app. The bank is taking a phased approach, initially piloting the multi-factor system with its staff accounts before rolling it out to customers who frequently use the mobile banking app, with the goal of having all app users onboarded by June.

It’s worth noting that Commonwealth Bank, which serves approximately 17 million customers, already employs different forms of identification for logging into its mobile app, such as biometric verification through Face ID and Touch ID. These methods provide a personalised and secure way to access banking services on the go.

Meg Bonighton, CBA’s executive general manager of digital, emphasises that keeping customers’ money safe is a top priority. She notes that losses from scams have decreased by 70 per cent over the last two years, but with scammers becoming more sophisticated, the bank cannot afford to be complacent.

‘Having multiple layers of defence makes it harder for these types of crimes to occur,’ she said.

While Commonwealth Bank is taking a step further in its commitment to customer security, it’s also a timely reminder for all to stay vigilant. Regularly update your passwords, monitor your accounts for unusual activity, and never share your personal information with unverified sources.

We’d love to hear from you, our YourLifeChoices community. How do you feel about the new security measures? Share your thoughts and experiences with online banking security in the comments below. 

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