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	Chip and pin security initiative
	Barclays are introducing another level of security into their online banking service. By the end of the year more than half a million customers will have been sent a hand held chip and pin card reader. The new device is called a Pinsentry machine and looks similar to a calculator. It will be used to login to the Barclays site in order to make particular types of payment. This security initiative means that customers will need their debit card, the PIN number, an online security number and the Pinsentry machine itself before they can access their account. With the new system the card is first swiped through the machine and the PIN number entered. An 8 digit code will then be issued. Crucially this code will be different every time the information is entered. The hope is that even if a fraudster has successfully stolen login details using "phishing" emails or managed to hack into a PC, they will not be able to access the customer's account. Some personal and small business customers use the online banking system to set up third party payments to new people. This type of customer will be the first to receive the latest gadgets.

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Home Finance News

Chip and pin security initiative

More news