Money News
No it's not a medical condition but new handheld chip and PIN card readers being sent out by Barclays to its online banking customers as part of a new anti-fraud initiative.
Later this year Barclays customers who use their online bank account to set up payments to new third party accounts will begin using PINsentry devices. The devices will be used together with the customer's normal debit card and its PIN, to authenticate their identity at log in and for making certain payments. This will replace the need for passcodes and memorable words.
This move marks the latest in a series of initiatives from Barclays it claims will increase the security protection for its online banking customers. Last year it offered free anti-virus software as well as an SMS text message confirmation service.
Over half a million customers will be automatically sent free PINsentry card readers and instructions by the end of the year, with this number increasing further as more customers are added to the service.
Customers who simply wish to use online banking to view their accounts and pay bills or established payees will be able to continue to use online banking as normal without the need for PINsentry.
But PINsentry will be rolled out to the following customers: personal customers who use online banking to set up third party payments to someone new; Premier banking customers; and small and medium business customers who use online banking to set up third party payments to someone new.
18 April 2007 © Moneyextra.com
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