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HSBC to adopt two-factor security

High street bank HSBC is preparing to roll out two-factor authentication technology to cut internet banking fraud.

High street bank HSBC is preparing to roll out two-factor authentication technology to cut internet banking fraud.

The bank said last week, "We are actively working on a two-factor authentication solution for our mass market business internet banking customers, which is to be introduced later this year."

Barclays and Co-op Bank are still assessing the technology, which offers online customers another line of defence against threats such as phishing. They said they have no immediate plans to adopt it.

Last year Barclaycard piloted two-factor authentication using a card reader to verify online transactions. It said customer feedback from the pilot was positive but it had not changed its wait-and-see approach.

Lloyds TSB is halfway through a six-month, 30,000-customer two-factor authentication trial.

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