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Tuesday, April 19, 2005

UK banks to set new industry online security standard

The community of UK banks is expected to establish a new standard practice for the use of two-factor authorization technology to combat online payment fraud, in the coming weeks.

The new directive is designed to combat the alarming rise in online fraud that has developed out of identity theft and phishing, while also improving customer confidence in Internet banking tools.

The system would include a device that reads a payment card and accepts a PIN entry from the cardholder.  This is then followed by the generation by the device of a unique security number to be imputed into the website system of the goods’ seller.

Banks are expected to agree on the new technology in May, with roll out to be undertaken over the next 12 months.

Posted on 04/19