Bendigo Bank adopts tokens for online security

Bendigo Bank is adding another level of protection for its account holders with the release of a security token.

The token produces a six-digit, single-use authentication key to be used in conjunction with the current access ID and personal identification number (PIN) and will be available to customers at the end of this month.

The token device is similar to a remote car key, costs $16.50 and are so far is not compulsory for online banking and transactions.

Owen Davies, spokesperson from Bendigo Bank, said given the added level of protection customers would find the idea good value.

"E-banking is the quickest and most convenient form of banking and our customers have readily adopted it and we want to provide them with another level of protection not only for access to their accounts, but for the privacy of their banking details," Davies said.

"While we continue to stress the importance of our customers installing a firewall and the latest anti-virus protection on their PCs, and continuing to protect their access ID and PIN, they will have the piece of mind of knowing they have another level of protection.

Although the security tokens, which can be home delivered and charged to an existing account, would initially be a customer choice, the bank will make using them compulsory within 12 months.