Some 30,000 Lloyds TSB online banking customers will trial a new security system to minimise the risks of fraud.
These internet banking customers will each be issued with a security device the size of a keyring, which generates a new code every half minute.
When the banking customer wants to log into online banking, a button on the device is pushed to generate a code which is used in conjunction with a username and password to log on.
A new six-digit code will also have to be generated in order to use for confirmation of an internet banking transaction.
Online banking fraud is becoming a more frequent occurrence, according to Lloyds TSB' internet banking director.
"Fraudsters are becoming increasingly cunning with their tactics, and there's no hiding the fact that fraud is on the increase," Matthew Timms said.
He added that the trial of this Access Code Device is one of a various online banking security initiatives the bank is introducing, in a bid to address the concerns of internet banking customers and to stay one step ahead of online banking fraudsters.
Online banking security systems like these are already being used in Asia, Scandinavia and Australia.
New device trialled in fight against online banking fraud
New device trialled in fight against online banking fraud
Fri, 14 Oct 2005
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