Community CPS Australia was one of the first credit unions to introduce Internet Banking. However, while online banking is one of the fastest growing financial services today, it also requires a high level of responsibility.
Community CPS has an extremely sophisticated approach and is fully committed to protecting member security.
One of our latest improvements is the introduction of the Factor2 icon system, which ensures a higher level of personal security for all those members conducting transfers in and out of their accounts.
What security does Community CPS Internet Banking include?
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128-bit encryption and sophisticated firewalls
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Verification by digital certificate - ‘Verisign’
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On screen evidence of security protection, eg. Padlock icon
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Password Protection and Virus Protection
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Factor2 icon authentication and security tokens
What is 128-bit encryption?
This is the level of ‘encryption’ that applies to any information or transaction entered within Internet Banking. Encrypted transactions are ‘scrambled’ to protect the security of the data. Once you have logged into Internet Banking you are in a completely encrypted environment. 128-bit encryption is currently the highest level of encryption available on the Internet.
128 bit encryption does three main things:
- Ensures all information is encrypted so no user on another PC can see or interpret a member’s information.
- Ensures no other person can 'break in' to a member's active session and pretend they are the member.
- Ensures no other server can pretend to be the Internet Banking server.
What is Factor Two Icon Authentication?
As part of our ongoing efforts to provide members with an improved level of online security and protection against Internet fraud, Community CPS Internet Banking has adopted a new secondary login called ‘Factor2 icon authentication’.
Online fraud has become a growing problem and concern for the finance industry over the last few years. The introduction of Trojan viruses and spyware has created a broad need for new technology in order to maintain the security of online transactions.
The Factor2 icon system has been developed to reduce the risk to our members if there is theft of Internet Banking passwords by Trojan viruses or spyware that record keystrokes. This has been recognised as the primary method of password theft. The icon system requires a member to select icons with the click of a mouse. This increases the security of the Internet Banking system and aids in protecting your online transactions.
If you wish to carry out financial transactions that result in funds being transferred out of your accounts, such as transfers to another Financial Institution or BPAY®, you will now be asked to register for the Factor2 icon system.
During the registration process, you will select three icons from various categories. The icons will become your Factor2 Passcode. You must remember these icons as you will be asked to select them each time a transfer between memberships or to another financial institution, BPAY® transaction or pay a bill by cheque is attempted via Internet Banking.
We suggest you think of a way to remember the order of the icons you choose. To protect your security, do not write them down or record them anywhere.
Please note that this secondary login applies only when you perform external transfers and BPAY® transactions and does not replace your current Internet Banking password.
Factor2 Security Tokens
For those members that require an additional layer of security, Community CPS has also introduced Factor2 Security Tokens, which are small, lightweight devices that generate a unique 6-digit passcode every 30 seconds.
Factor2 Security Tokens are a secondary level security system that aims to protect members from unauthorised use of their accounts via Internet Banking.
Once you have a Security Token, each time you wish to transfer funds between memberships, transfer to another financial institution, make a BPAY® payment or pay a bill by cheque, you will be prompted to load the passcode from your Security Token. Simply press the button on your token and you will be provided with a unique, 6-digit passcode. Your payment cannot be completed unless this passcode is entered.
