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Entrust Secures Bank of New Zealand Customers
Overview: Bank of New Zealand - one of New Zealand's leading financial institutions - is a member of the National Australia Bank Group, which has a geographic spread of assets in Australia, Asia, the United Kingdom and New Zealand. Globally, the National Group has an asset base of over $250 billion and is ranked as one of the 50 largest banks in the world.
Challenge: Approximately 80% of the Bank of New Zealand's personal banking customers bank online, so they wanted to ensure their customers' identities were protected from phishing attacks, key stroke loggers, man-in-the-middle attacks and other online threats. They wanted to provide a stronger form of second factor authentication that would be free to their customers, so finding a solution that could scale to a large customer base and was easy to use and understand was essential.
Solution: The Bank of New Zealand selected Entrust IdentityGuard over other two-factor authentication options based on its ease of use, mobility and convenience for customers, as well as the lower per-use cost to issue to customers.
Results: Within 5 months of making the IdentityGuard cards (rebranded NetGuard) available to their online banking customers - free of charge, and on a voluntary sign-up basis - the bank has already had over 83,000 customers sign up. User adoption is continually growing, now up to 150,000 users, and with no added strain or resources added to the bank's customer support center.
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