NCR and Travelers Property Casualty Protect Customers from Online Banking Fraud

NCR Corp. says it will be the first Internet banking solution provider to offer online banking customers protection against unauthorized transactions, through an insurance program developed by Travelers Property Casualty.

The insurance, known as SafeWeb Remote Banking Insurance, will be provided by Travelers Bond, a unit of Travelers Property Casualty. This coverage against unauthorized transactions will apply automatically to online customers of financial institutions using NCR's Electronic Banking services.

"We believe that security is the main concern of people using the Internet for banking or electronic commerce," says Greg Hanson, NCR Electronic Commerce Solutions general manager. "Today, 41.5 million adults in America have access to the Internet--30 million are on-line today and another 23.8 million adults are expected to sign on in the next 12 months. As more bank customers take advantage of the convenience that electronic commerce offers, the greater the importance of offering the highest level of Internet security to our customers. Adding SafeWeb to our Internet banking solution enhances the comprehensive, multi-level security capability of our product while strengthening our position as the premier provider of electronic commerce."

"SafeWeb protection allows online financial institutions, like NCR's Internet banking clients, to specifically address the security issue, which helps bolster consumer confidence in the safety of online banking," says Robert J. Nighan, manager, Travelers Bond Financial Services.

"NCR has taken every precaution to ensure that its Internet banking product offers the best possible security safeguards," adds Nighan. "With SafeWeb, there will be a safety net of insurance protection backing up NCR's security procedures, a feature not currently available with other Internet banking systems."

Federal banking regulations spell out the rights, liabilities and responsibilities of consumers who use electronic fund transfer services and of financial institutions that offer these services. Under these regulations, the extent of the customers liability for an unauthorized transaction is determined by their promptness in reporting the loss after it appears in a monthly statement. SafeWeb provides protection for losses arising from circumstances where the Internet banking customer would normally have liability for an unauthorized transaction.