NatWest boosts security for international banking service

The ibanking service is a multi-currency system that allows customers to access their accounts from anywhere in the world and carry out transactions online, such as balance checking, paying bills and transferring money between bank accounts.

According to NatWest, the ibanking system uses data encryption to secure the consumer’s financial details and the user will receive a card reader that will generate a unique customer number, which they will use in conjunction with their usual PIN and password each time they use the service.

“We recognise that online security is a key concern in today’s society and the ibanking system gives customers the reassurance they need when making transactions and controlling their finances from anywhere in the world,” says Julian Gouge, head of NatWest’s International Personal Banking.

Chris Holland, vice president of Product Management at data security firm SafeNet, adds: “NatWest should be applauded for using two-factor authentication for online access and the signing of transactions, and taking their customers' security seriously by using such a good security mechanism.

“There is always a trade-off between convenience and absolute security, but what NatWest is doing seems a successful solution. My only suggestion would be for the end user to ensure that when they are banking online they make sure they are on a genuine site. Man-in-the-middle (MITM) attacks are on the rise, so encryption is becoming increasingly important.”