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11 April 2006
HSBC is to roll out new password security devices for all its business customers to help to combat financial fraud.
From May, password tokens are to be sent to each of its Business Internet Banking customers free-of-charge. The portable tokens generate a security code which frequently changes, for customers to use with their user ID and password for making banking transactions.
HSBC claims that the device offers an additional line of defence against online fraud such as phishing, keylogger trojans, remote hacking and screen capturing.
"Today's announcement will enable us to stay one step ahead of the fraudsters," said Simon Wainwright, HSBC's head of business banking.
"Our experience in other parts of the world shows that this kind of two factor authentication is an extremely useful weapon in the fight against internet crime and we would urge other banks in the UK to seriously consider following our lead."
As the tokens will be linked to the individual profile of the user, they would be of no use to thieves, said the bank. The tokens also mean that business customers will no longer be tied to digital certificates and so can access their account from an internet-enabled computer anywhere in the world.
If you have been the victim of financial fraud, make sure your credit rating has not been affected and order your credit report now.
The announcement comes as a new handheld fingerprint verification device also aimed at fighting financial fraud was unveiled by a US designer.
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