Barclays introduces 'PINsentry' - pioneering new security for online banking
Barclays is sending out handheld chip and PIN card readers to online banking customers in a pioneering 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 is the latest in a series of Barclays initiatives to increase the security protection for online banking customers – last year it offered free anti-virus software as well as a SMS text message confirmation service to online customers. As a result Barclays online banking won Anti-Fraud Strategy of the Year at the prestigious 2007 Financial Sector Technology Awards.
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. The remaining customers will not need PINsentry at this stage – it will only be needed by those who use online banking to set up payments out of their account to a new third party for the first time. 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.
Barnaby Davis, Director for Electronic Banking, said: “Barclays is constantly working to help protect customers and their money and that is why we have invested in this system. PINsentry is the next generation of fraud prevention technology and Barclays is proud to be the first organisation in the UK to roll it out to its customers.
“The popularity of Barclays online banking service comes down to convenience and security and the introduction of PINsentry will enhance both of these features.”