Using new access keys
Date: October 18, 2005Source: Out-Law.Com
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Around 30,000 customers of Lloyds TSB are being issued with a password-generating device that will add an extra layer of security when they do their online banking. But while it makes customers less vulnerable to internet fraud, the bank says its device is "not the end solution".
The Access Code Device generates a unique, one time only, six digit number that customers enter when they log on to the banking site.
The trial of the key ring-sized Access Code Device is the largest of its kind in the UK. Similar devices are already in use in corporate environments and AOL offers them to its US consumers for a small fee. Some banks in the Netherlands and Sweden have been using two-factor authentication for several years.
OUT-LAW spoke to Jason Bacon, Lloyds TSB's head of new business and customer development for internet banking, about the bank's latest move to combat phishing and other forms of internet fraud.
Customers taking part in the trial will log on to Lloyds TSB internet banking as normal using their user ID and password, but instead of entering their memorable information they will be asked to press the button on the Access Code Device to generate a unique code.
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