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Two-Factor Authentication, what is it and why you need it.

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With the current technology climate changing and with the advancement of software, keeping your bank accounts secure is becoming more difficult. Two-Factor Authentication (often shortened to 2FA) is not new, but it is gaining momentum as bank accounts are left exposed with weak or poorly secured passwords. Whether it be your bank accounts or social media accounts, the 2FA, also known as Two-Step Verification, provides an extra layer of security to ensure that it's you logging into your accounts.

Currently, most people login to their online account with a username and password. This is called single-factor authentication. You only need to take one step to verify that you are who you say you are when logging in.

Two-Factor Authentication means that you need to take an additional step to verify that it is you logging into your account. Generally, this is another passcode and something else such as a code sent to a different device or fingerprint.  

How do I set up two-factor authentication?

Many online platforms will automatically prompt you to set up 2FA when creating the account. However, some do not offer this option on sign-up, so you will need to set it up yourself. Generally, you can find the option to switch on 2FA in the security or privacy settings of your online account. 

There are several types of 2FA available based on either something only you know, something you have or something you are.

Examples include:

  • SMS codes sent to your phone;
  • Security questions set up by you, which only you would know the answers to when prompted;
  • A physical device, like a security token that generates temporary access codes;
  • Software, such as an Authenticator app, that sends a notification to your smartphone (or tablet) or provides a temporary access code — once you've installed one, you can often use the same app when setting up 2FA on other accounts which offer this option;
  • Fingerprint scans;
  • Voice recognition.

Why is 2FA necessary? 

Although this process will add a second step to your log-in, it provides a more vigorous defence for your account. Many users repurpose their password for multiple sites, which can expose them to potential password theft. If your password is compromised (accessed by someone else without your permission) and you have 2FA activated, the hacker still cannot gain access. They will need both forms of authentication to get into your account, increasing your safety and security online. 



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2020 Annual General Meeting

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Published on 23 October 2020

Due to the ongoing Covid-19 pandemic this year’s Annual General Meeting will be held virtually via an online meeting platform on Wednesday, 25 November 2020 and we will not be holding a physical meeting. Please also note that we are not required to send hard copies of the Notice of Annual General Meeting to members this year.

Read more: 2020 Annual General Meeting


QBE Insurance Support for our Members

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The health and wellbeing of our Members, community and employees is our main priority during this time of uncertainty. As the situation with COVID-19 continues to develop, we want to let you know that we are here to provide the support you may need.

Our insurance partner, QBE, has announced hardship assistance options for Members with QBE insurance policies.

Read more: QBE Insurance Support for our Members


Savings Interest Rate Changes effective 1 April 2020

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We are increasing our 12-month Term Deposit rate to 1.70% and our 6-month Term Deposit to 1.30% across the board. 

We are reducing interest rates for our Savings accounts including the Bonus Saver Account (S7) interest rate decreased by 0.50% to 1.10% (inclusive of the base rate plus bonus rate).

For more details, please see below our latest interest rate schedules.


New Chief Executive Officer Appointed for Unity Bank Limited

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The Chair of Unity Bank, Mr Mick Doleman, today announced the appointment of Danny Pavisic as the new Chief Executive Officer.

Mr Doleman said, “I am very pleased that our current Deputy Chief Executive Officer, Danny Pavisic, has been successful in securing the Chief Executive role, effective the 27th April 2020. Danny, who has served in senior Executive positions at Unity for the past 15 years, has demonstrated the leadership qualities the Board believe are essential in fulfilling the Chief Executive’s role. They include strong commercial skills, a passion and commitment to looking after the best interests of Members and staff, and the highest level of integrity”.

Responding to his appointment, Mr Pavisic said “Being appointed to lead an organisation that has an outstanding record of looking after its Members, during good times and difficult ones, is a privilege and something that I feel honoured to have been given the opportunity to do. The Bank has one of the strongest balance sheets in the country and a wonderful and dedicated team of staff who genuinely care for their Members, which places us in a great position to continue to improve the financial well‐being of our Members.

My immediate focus will be to ensure we assist all our Members impacted by Covid‐19 get through this. For 50 years we have helped our Members when they needed us most and the current challenges allow us to demonstrate the values and principles of the founders of this member‐owned Bank.

As an essential service, we have an important role to play in ensuring our country comes through this challenging time in as good as shape as possible”.

Mr Doleman once again thanks outgoing Chief Executive Officer Mark Genovese for his service over the past 17 years which has seen the Bank become an organisation that Members, staff and directors can all be very proud of.

Danny Pavisic

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