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July 1, 2008updated 04 Apr 2017 4:18pm

Barclays shines in the security race

Available free of charge to its UK internet banking customers, Barclays Banks two factor smart card authentication reader PINsentry has proved a big success in terms of customer acceptance and performance.Indeed, since its introduction customer acceptance of PINsentry has exceeded Barclays own expectations In the 12 months since its launch in July 2007 more than 1 million of the handheld PINsentry devices have been deployed, an uptake representing half of the banks online customers and 30 percent higher than original expectations.Our goal was to provide our online customers with an easy to use, highly secure product to protect them against fraud, commented Barclays director of digital banking, Sean Gilchrist Adoption of the PINsentry reader by one million cardholders in one year is a clear demonstration that we made the right choice.As significant, since its introduction not one online customer using PINsentry has suffered fraud, according to the devices developer Netherlands payments technology vendor Gemalto.To use PINsentry customers insert their bank card into the devices reader and type in their card PIN code to generate a one-use password at log on

By EPI editorial

Available free of charge to its UK internet banking customers, Barclays Bank’s two factor smart card authentication reader PINsentry has proved a big success in terms of customer acceptance and performance.
Indeed, since its introduction customer acceptance of PINsentry has exceeded Barclays’ own expectations. In the 12 months since its launch in July 2007 more than 1 million of the handheld PINsentry devices have been deployed, an uptake representing half of the bank’s online customers and 30 percent higher than original expectations.
“Our goal was to provide our online customers with an easy to use, highly secure product to protect them against fraud,” commented Barclays’ director of digital banking, Sean Gilchrist. “Adoption of the PINsentry reader by one million cardholders in one year is a clear demonstration that we made the right choice.”
As significant, since its introduction not one online customer using PINsentry has suffered fraud, according to the device’s developer Netherlands payments technology vendor Gemalto.
To use PINsentry customers insert their bank card into the device’s reader and type in their card PIN code to generate a one-use password at log on. In addition the device enables users to electronically sign transactions. In recognition of Barclays’ PINsentry programme the bank was this year’s recipient of the Best Security Initiative award presented in Nominet UK’s Best Practice Challenge. Nominet UK is the national registry for all internet domain names ending in .uk.
According to Nominet UK its annual competition “recognises organisations, groups or individuals who have embraced the challenge of delivering a safer, more accessible or diverse Internet experience.” In presenting the award to Barclays the competition judges commended the bank “for addressing a real problem in gaining and building trust in online financial services”.
The PINsentry security solution has recently been extended to Barclays’ internet banking services in Turkey and those of its South African banking subsidiary, ABSA.
Adding further weight to its online security drive Barclays has become the first UK bank to offer free comprehensive internet security software to its internet banking customers. For the service Barclays has awarded a two-year contract to Russian internet security company Kaspersky Lab, who will supply software that can be downloaded from Barclays’ website.
The software, which provides protection against viruses, adware, spyware and incorporates firewalls, parental controls and spam filters, normally retails at £51 ($80) and represents an enhancement of the free anti-virus software service Barclays has offered to customers for the past two years.
“Kaspersky has one of the best reputations in the business and together with PINsentry we believe Barclays online customers will have one of the best security packages of all online banks,” said Gilchrist.
According to Barclays its overall online security initiatives resulted in a dramatic 91 per cent drop in the money lost to fraudsters from 2006 to 2007. In addition Barclays is the only UK bank to have seen a reduction in the number of phishing attacks.
As part of its internet banking security programme, Barclays is now offering additional services to its online customers. Among these the maximum amount for personal online transactions has risen from an initial £1,000 to £10,000 and plans are in place to offer international payment for the purpose of funds transfer worldwide in the near future.

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