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Finance
Mortgages, pensions, loans, shares, savings |
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Added security for online banking
Barclays Bank have taken another step towards eradicating online fraud for its online banking customers. They are introducing a hand-held Chip and PIN reader later this year known as the PIN sentry. It enables customers to use their plastic cards and PIN numbers as identity proof when making online payments.
The PINs entry represents a real step forward in anti-fraud initiatives and will mean the end of passcodes and memorable words which can often be decoded by determined hackers.
The new device will be sent free to over half a million Barclays customers by the end of 2007 and is the latest move to increase the level of security protection for online banking customers. It will only be distributed to customers who wish to use online banking to set up payments to a new third party for the first time - customers wishing to use online banking just to view their accounts or pay bills to established payees can continue to use the current system as normal.
It seems Barclays is taking a pro-active approach to combating online fraud. Last year the bank offered free anti-virus software and also won Anti-Fraud Strategy of the Year at the 2007 Financial Sector Technology Awards. The PIN sentry will be a UK
first.
www.businessinberkshire.co.uk/finance
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