The standard addresses details of cryptography and, for example, the buttons that will feature on the readers. Lloyds TSB will be monitoring these developments closely.ĪPACS has developed a standard for card-readers that is in "a very mature draft form," according to Richard Martin who facilitates APACS' e-banking fraud liaison group. The readers are found in shops but not in cardholders' homes – so they offer no protection against card-not-present (CNP) fraud.Īccording to Bacon, it's feasible that this will change to a card and card-reader solution, allowing consumers to use new chip and PIN credit and debit cards for secure CNP transactions and internet banking. Chip and PIN has been rolled out in the UK as a means of reducing point of sale card fraud. In the UK, the Association of Payment And Clearing Services (APACS) has also encouraged banks to move in this direction.īacon indicated that a longer-term security solution for online banking could be card readers. The move to two-factor authentication is consistent with guidance published in July by US banking industry watchdog the Federal Deposit Insurance Corporation (FDIC) which said banks should look at implementing multi-factor authentication methods. "Two factor authentication is inevitable – it's just a question of what and when." Running the trial gives Lloyds TSB valuable feedback on how its customers will react to added layers of security. "Partly we want to see how customers react to two-factor authentication," he said of the trial. If the Access Code Device is ever rolled out as a firm-wide solution, it will be compliant with the Disability Discrimination Act, he said.īut it may never be rolled-out firm-wide. However, Bacon said that the manufacturers are working on a version that comes with a loudspeaker. Another drawback is accessibility: the devices do not work for visually impaired users.
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