Best bank in NZ for good apps and security

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Forums › Finance and wealth management › Best bank in NZ for good apps and security

philthynz

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#298934 28-Jul-2022 15:59

Is there a bank is NZ that has MFA/2FA via OTP (not Sms or email) on their Android apps and website login? And on all payments?

Westpac don't have this or android pay, so I'm considering to switch.

Also, which bank is considered to have the best security?

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#2947470 28-Jul-2022 16:03

bnz for sure

dfnt

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#2947475 28-Jul-2022 16:19

Few years back I really enjoyed using the BNZ app, especially with their push notification MFA via the app when logging into inet banking elsewhere

ANZ is still in the dark ages with SMS 2fa..

Stu1

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#2947476 28-Jul-2022 16:19

Rabobank with digipass

PolicyGuy

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#2947499 28-Jul-2022 17:07

Stu1:

Rabobank with digipass

From the security point of view, this is undoubtedly the best solution.
I don't know of any other NZ bank that offers this level of sophistication

The next best would be authentication through Authy or some equivalent, but I've never come across this with the banks I have dealt with.

davidcole

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#2947533 28-Jul-2022 18:58

Asb does authentication of browser by asking your phone app to verify you (like gmail).

But nothing I think on the app itself. Maybe on set up, it might ping another device? I’ve not set up a new deceive for a while.

But it’s a pretty basic app other than that.

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#2947586 28-Jul-2022 22:01

BNZ app requires you to enter the 2FA codes from the Netguard card. Once this is done it relies on phone security (in my case fingerprint). When paying to new accounts on your browser, the app will push a notification to approve/reject the request.

I think the BNZ solution is pretty good.

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michaelmurfy

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#2947678 29-Jul-2022 07:08

So security is one thing the bank will actually cover you for as long as you’re not stupid. With ANZ, as long as you have a secure password, don’t share access and have OnlineCode setup they’ll cover you for any security shortfalls (such as SMS based 2FA which isn’t perfect). Everything else is as secure as anything and they take security seriously, and you’re personally covered by their internet banking guarantee if you’re not stupid (so, don’t use account scrapers at all or hand over your banking login to a third party). I worked on this platform for a number of years and know it very well and personally put my trust in it as I bank there.

BNZ is my other main bank - I like their app, the technology they’ve invested in etc. The security however has only improved rather recently as they only allowed for passwords up to 8 characters long and didn’t care about case but even with this they’ll still cover you for any fraud as long as you’re not stupid.

Personally I’d put my trust in any bank. Pick one that suits you. They’re all “secure” and have sound guarantees that aim to protect you (and them). Just don’t be stupid, don’t use POLi, account2account or Pocketsmith and use whatever security options they offer you. Also ensure you’re not using a compromised password (https://haveibeenpwned.com).

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jonathan18

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#2947680 29-Jul-2022 08:13

PolicyGuy:

Stu1:

Rabobank with digipass

+1

From the security point of view, this is undoubtedly the best solution.
I don't know of any other NZ bank that offers this level of sophistication

The next best would be authentication through Authy or some equivalent, but I've never come across this with the banks I have dealt with.

I've recently returned to using Rabobank after a number of years, and one of the things I wasn't looking forward to was that damn digipass. Yes, it may offer decent security, but it's a total annoyance to have to hand and to use.

Also, it's negated by Rabobank's, to be frank, B-grade mobile app. This offers no additional security over the five-digit PIN that also needs to be entered to complete a transaction. I assume I needed the digipass to originally set up the mobile app (can't recall), but having no additional security measures for authorising transactions (even if only certain conditions are met, eg $$) is weird to me.

Is there a reason that banks (or, at least the three banks I use) don't offer 2FA via Authy or similar?

alasta

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#2947690 29-Jul-2022 08:33

I also find the Digipass really annoying. I have to ensure that I keep it in my backpack to maximise the probability that I will have it with me if I need to process a transaction when I'm away from home.

The advantage of doing 2FA on a phone is that you always have it with you.

jonathan18

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#2947691 29-Jul-2022 08:42

alasta:

I also find the Digipass really annoying. I have to ensure that I keep it in my backpack to maximise the probability that I will have it with me if I need to process a transaction when I'm away from home.

The advantage of doing 2FA on a phone is that you always have it with you.

@alasta: are you uncomfortable using/unwilling to use Rabobank's phone app?

While it's a pretty rank app, it does the job and is far better than having to use the digipass.

alasta

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#2947744 29-Jul-2022 10:45

To be honest I didn't even know they had one! I use the BNZ app and find it good, but as I'm not tech savvy I prefer not to install any apps unless I absolutely need them. Fortunately I only need to interact with my Rabodirect account once every month or two.