Lloyds to Trial New Security Device
Lloyds is to become the first UK bank to trial keycode devices in a bid to improve online security
14th October 2005
Lloyds TSB is to trial a new security system for around 30,000 of its online banking customers.
Account holders taking part in the trial will each receive a keyring-sized keycode generator, which provides a 6 digit number that will be needed to log on to the online banking system , in addition to the usual username and password.
The device will generate a new access number every 30 seconds, meaning that even if a fraudster manages to intercept one of the codes they will not have enough time to use it themselves.
Matthew Timms, Lloyds TSB's director of internet banking, said:
"Fraudsters are becoming increasingly cunning with their tactics, and there's no hiding the fact that fraud is on the increase."
While Lloyds expect the trial to be a sucess, they say it's unlikely that the keycode device will be the final stage in the fight against fraud, and that the system will ultimately evolve into a more secure replacement for both internet banking and internet credit card use.
Read More: BBC: Lloyds steps up online security
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