Interesting to see a bank in NZ launched a new offering today: Internet Banking services that includes two-factor authentication by default for "free" RaboBank launched RaboPlus in NZ today
I think they may be the first in NZ to do this by default without additional charges.
Looks like their service is using one-time access codes with Vasco Digipass deviceshttp://www.raboplus.co.nz/security/security.asp
Two-factor authentication is not foolproof but it does greatly reduce the risk. Doesn't really stop phishing, its not going to stop identity theft (which luckily? wouldn't appear to be as prevalent as in the US) and doesn't stop trojans getting on your machine and piggybacking on banking sessions, but its better than the security that most Internet banking users have today (i.e. a username/password) Internet banking security questioned
It will be interesting to follow this over the next few month to see how the NZ public reacts.
Crikey, I've never even *heard* of Rabobank (and I live in Wellington, NZ). They must be top secret as well as super-secure!
HSBC are also using Vasco keys and I don't recall being charged for it (i was an existing customer)