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Lloyds TSB makes internet banking safer

17 October 2005
Lloyds TSB has launched a new device which means customers log in with a unique access code every time they want to view their account online.

Over 30,000 customers will take part in the trial of the new device called the Access Code Device, which generates a unique six-digit number every time it is pressed, so customers log on with a different number each time instead of using the same password.

Commenting on the trial, Matthew Timms, internet banking director, said: "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."

Customers taking part in the trial will be asked to use the new device to obtain a unique code to authorise online transactions like bill payments and transfers.

Lloyds says that it would also protect people from email scams known as 'phishing', whereby fraudsters get access to account-holders' details by asking them to log onto bogus sites and enter their bank account numbers.

By using the key ring-sized device, customers will also be safe from spyware, according to the bank.

Spyware is a computer virus which works by recording the buttons people press when they enter their log-in details, allowing fraudsters to obtain bank security details.

As part of its new security plan Lloyds is also offering a free PC security scan, a 20 per cent discount on Zone Labs anti-virus software and an online guarantee which means customers will be refunded if they lose any money due to fraud.

To read more about Online Banking, click here.

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