New device to fight online bank fraud

Lloyds TSB today has found a new way to fight against internet banking fraudsters, a key-ring sized device.

The Access Code Device creates a unique, one time only, six digit number that is used to log on to the bank's online site.

Because the number changes every time it is used, anyone attempting to steal login details will be prevented at source - as however ingenious they are at getting hold of the numbers, they become useless as soon as they are used.

"Fraudsters are becoming increasingly cunning with their tactics, and there?s no hiding the fact that fraud is on the increase. The trial of the Access Code Device is one of a number of security initiatives we are introducing to address the concerns of customers and stay ahead in the battle against online fraudsters," said Matthew Timms, Lloyds TSB internet banking director.

Lloyds TSB has given one of these new devices to 30,000 of its internet banking customers as part of the trial.

When using the new device to log onto the bank's website, customers uses their standard user ID and password - but press the button on the Access Code Device and enter the six-digit number it generates instead of their memorable information.

People in the trial will also use the Access Code Device to create a new code to authorise some online transactions, including bill payments, rather than their standard password.

"The Access Code Device will generate a new code every time it?s used, preventing customers from disclosing all their log on details - another blow to the fraudsters. At Lloyds TSB, we use the highest levels of industry-standard security so customers can access their accounts online with the utmost confidence. But it?s vital that customers protect themselves by keeping their account details private. "