Lloyds is testing a token-based security with its online customers. This requires them to enter a one-time six digit unique code that generates another code.


Lloyds is testing its online banking security device, an access code device to protect customers from spyware scams. This test is conducted with 30,000 of Lloyds’ online banking customers.

The customers involved in the test will receive an access code device.

The token-based test will involve the following steps :

1. Customers will have to log in to the online banking site with their user name and password.

2. In addition to this, customers will have to enter a one-time six digit unique code which is generated by pressing a button in the access code device. The bank will allow access to accounts after verifying the code.

3. Customers will have to enter another code, which is also generated by the token for transactions like bill payments in lieu of their usual password.

Lloyds TSB internet banking director, Matthew Timms, said, “This is the first large scale pilot of its kind in the UK. Online is becoming an increasingly important area for customers and maintaining confidence in such an important channel is critical. What we are looking at is putting barriers in the way and making it harder for fraudsters.” [source]

To get the details of the Security System of Lloyds TSB, click here.

 

 

 

 

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