New device to beat online fraud

Friday, October 14, 2005

A new step is being taken in the fight with internet fraudsters, it has been announced.

Llloyds TSB are trialling the Access Code Device, a key-ring sized system that customers will use to generate a number after they log-on to their internet bank.

The bank will then verify the unique number and the customer will proceed without the need for memorable words or number questions.

"Fraudsters are becoming increasingly cunning with their tactics, and there’s no hiding the fact that fraud is on the increase," said Matthew Timms, internet banking director.

"The trial of the Access Code Device is one of a number of security initiatives we are introducing to address the concerns of customers and stay ahead in the battle against online fraudsters."

Online bank cahoot has welcomed the trial, and reiterates the need for the customer to feel safe and secure when shopping online, something the bank itself considered when introducing their webcard in 2001.

"We recognise that some people still have reservations about transmitting confidential information on the web, and believe that our webcard re-assures customers that shopping online transactions are as secure as shopping in the High Street."

The webcard generates a unique number for each transaction, and removes the need for the credit or debit card number to be given out.
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