In a time when digital convenience shapes daily life, protecting online transactions is more important than ever.

The 7.5 million banking customers who rely on digital services are set to receive an added layer of security.

A major financial institution has announced upcoming changes aimed at enhancing the safety of users of its online platform.


This security enhancement is known as multi-factor authentication (MFA).

This system is widely acknowledged as one of the most robust defences against the dark arts of cybercrime, including the ever-present threat of online banking fraud.

MFA isn't new to the banking world; Commonwealth Bank and several other financial institutions have been utilising app prompts for certain first-time payments and verifying when the bank is genuinely calling a customer.


But what does this mean for you, the customer? If you're already using the CommBank app, you'll receive a notification to confirm any attempt to log on to your account via NetBank.

This prompt will appear directly within the app, and you'll have the power to confirm whether you are trying to access your account.

It's a bit like having a digital bouncer check IDs at your financial nightclub's door.


Meg Bonighton, CBA's executive general manager of digital, explained that this new feature will serve as an additional layer of protection, complementing NetBank's existing fraud detection techniques.

'Customers who are already using the CommBank app will receive a notification, via the app, to confirm whenever an attempt is made to log on to their account via NetBank,' he noted.

'The customer can then confirm in the app whether they are indeed trying to log on to NetBank. This serves as an additional layer of protection on top of existing fraud detection techniques we have in NetBank.'

This change won't happen overnight for everyone. Commonwealth Bank is taking a phased approach, initially piloting the multi-factor system with its staff accounts.

From April, the most active mobile banking app users will start to see the change, with all app users expected to be onboarded by June.

With approximately 17 million customers in total, more than 7.5 million of whom are app users, Commonwealth Bank is no stranger to the need for robust security measures.

The bank already employs biometric identification, such as Face ID and Touch ID, for logging into its mobile app.

Brighton emphasised that keeping customers' money safe is a top priority, and it's a battle that's showing results: losses from scams have dropped by a staggering 70 per cent over the last two years.

'But criminals are highly sophisticated, so we can’t stand still,' he said.

'Having multiple layers of defence makes it harder for these types of crimes to occur.'

For our readers at the Seniors Discount Club, we understand that adapting to new technology can sometimes be daunting.

However, we encourage you to embrace these changes as they are designed to protect your hard-earned money.

If you have concerns or need assistance, Commonwealth Bank has resources to help you adjust to the new security measures.
Have you had experiences with multi-factor authentication before? Do you feel more secure with these additional checks in place? Share your stories and insights in the comments below, and let's navigate the digital banking landscape together, safely and confidently.