Barclays introduces 'PINsentry' - pioneering new security for online banking
18 Apr 2007 01:01 GMT
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 to 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.”
For more information go to www.barclays.co.uk/online
Notes to Editors:
*High resolution images are available for the media to view from Tuesday 17th April, these can be dowloaded free of charge from www.vismedia.co.uk.
*PINsentry will be rolled out in the second half of 2007 to the following customers - personal customers who use online banking to set up third party payments to someone new; Premier banking customers; Small and medium business customers who use online banking to set up third party payments to someone new
*Other customers will be upgraded to PINsentry as and when it is needed for their online banking activity.
*Third party payments are payments made for the first time to an account which is not a standard supplier on the established beneficiaries list (utility companies, credit cards etc.)
*Barclays PINsentry card readers have been designed to an APACS industry standard. An audio reader is available for users who have visual difficulties.
*Barclays provides an online fraud guarantee – if a customer is an innocent victim of fraud they will be not be out of pocket. This will still be applicable to all customers.
Barclays is an international financial services group engaged primarily in banking, investment banking and asset management. In terms of market capitalisation employed, Barclays is the third largest financial services group in the UK. The Group also operates in many other countries and is a leading provider of global services to multinational corporations and financial institutions in the world’s main financial centres.
About Barclays Online Banking
Barclays launched internet banking on 23 June 1998. Prior to this date Barclays offered PC banking which enabled customers to load software on their computer to give a secure connection to the bank’s computers (this was launched 21 April 1997). Barclays Online Banking now has over 1.7 million users and in 2006, 214 million transactions were completed online.
Barclays was awarded Anti-Fraud Strategy of the Year at the Financial Sector Technology Awards in March 2007.
Barclays customers have a choice about how they do business with us – through our branches, by telephone or online. We are committed to continue to offer all of our customers that choice.
Barclays is an international financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays’ purpose is to help people achieve their ambitions – in the right way.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 135,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.barclays.com.