13 April 2006
HSBC has moved to tackle online banking fraud with the introduction of new technology.
It is carrying out the country's largest ever roll-out of internet security devices for UK businesses.
All of its 180,000 business banking customers will receive one of its password token devices next month.
Simon Wainwright, head of business banking at HSBC said: "Today's announcement will enable us to stay one step ahead of the fraudsters.
"Our experience in other parts of the world shows that this kind of two factor authentication is an extremely useful weapon in the fight against internet crime and we would urge other banks in the UK to seriously consider following our lead."
The bank is now using a two-factor authentication system, where customers are asked about something they know and something they have. It says it is the first in the UK to offer access to accounts using something in the possession of customers.
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