UK bank HSBC is to issue customers with a device that helps secure online payments by generating a one-time passcode for each transaction.
Unlike similar devices issued by rival banks, HSBC’s Secure Key is about the size of a credit card, allowing customers to use it with their mobile devices while on the go.
"Our Secure Key is small and lightweight enough to keep in your wallet or purse, so you can still do your banking wherever and whenever you like," said Chris Pilling, head of HSBC customer security development.
Other banks, such as the Co-operative Group’s online banking division Egg, have taken the approach of sending one-off authenication codes to customers’ mobile devices via SMS. However, soon after the launch of Egg’s service, a Spanish security firm discover a malware exploit that could intercept text messages, and could therefore be used to breach this system.