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InternetNZ congratulates Westpac

Media Release - August 28, 2007 - InternetNZ (Internet Society of New Zealand Inc) congratulates Westpac on its initiative to enhance confidence in online banking in New Zealand. Westpac has today announced an “online banking guarantee” that customers “will never be left out of pocket in the unlikely event that they are victim of online fraud”.

InternetNZ Executive Director Keith Davidson says “Westpac’s move throws down the gauntlet to all banks to go beyond the minimum requirements outlined in the recently released New Zealand Banking Code of Practice.”“This initiative contrasts dramatically with the Banking Code of Practice, which had the potential to shift the balance of liability for online fraud onto the customer.“Westpac’s approach of providing an online guarantee, combined with a focus on educating the consumer about issues of online security, deals with consumers’ concerns now and the need for increasing public knowledge of online security issues.“It will be interesting to see if other banks will now join Westpac in reassuring the public through similar or equivalent online banking initiatives, and through revision of the Banking Code of Practice.” For more information contact:Keith DavidsonExecutive DirectorInternetNZ021 377

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