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Home » Hacking News » UK bank fights phishing with tokens

UK bank fights phishing with tokens

by Nikola Strahija on October 17th, 2005 UK bank Lloyds TSB, worried about increase in attempted online banking fraud, announced a large-scale trial of token-based security. It will involve 30 000 bank’s customers who’ll be offered the option to log on to their accounts using a number-generating key-fob.

At the point they log on, customers will press a button on the device to generate a time-defined access code to complement their usual ID and password. Once in the system, this device is also able to generate further codes to authorize specific transactions.

The trial will last approximately six months, at the end of which the bank will assess its success at stopping fraud, and popularity with customers. If successful, it is will be issued to the bank’s entire customer base of 3.5 million.

Apart from token trial, Lloyd has developed a wide range of initiatives for online banking security, ranging from offering customers detailed advice on how to secure their PCs to discounted subscriptions to anti-virus and other security software. This was all done to maintain high level of confidence the customers have in the bank.

There are still issues of card not present fraud and bugs in card readers, which Lloyd and other banks have to resolve.

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