Financial Services > e-banking > Banking news
Financing expert endorses online banking decision

Fri, 20 Apr 2007

Barclay's latest move to combat online banking fraud has been welcomed by a financing analyst, who has called upon other banking institutions to follow suit.

This week, the financial services provider announced that it would be sending out 500,000 handheld chip and pin readers to online banking customers, including both individuals and businesses.

The PINsentry devices will be used to confirm the identity of virtual banking account users when they log in and make certain types of payment.

Now, David Kuo, head of personal finance at financing website The Motley Fool, praised the move and underlined its potential significance by pointing out there are now 17 million regular online banking customers across the UK.

"Barclays has now thrown down the gauntlet and other banks need to rise to the challenge to stay one step ahead of criminals and combat the rise in online banking fraud," he concluded.

Online banking facilities can now be used to undertake financial services such as arranging direct debits, transferring money between accounts and applying for loans.

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