Barclays Fight Internet Fraud

Friday 20th April 2007

Unveiled on the 18th April Barclays have announced plans to implement a new gadget in the fight against internet fraud.

The gadget will be sent to internet customers in an aim to put an end to credit cards being used fraudulently on the net which last year led to loses of over £30million.

The gadget called a PINsentry will provide customers with a unique 9 digit pin code valid for only 90 seconds which must be entered at the online checkout. This one-off code will then be verified with the bank before the payment can be authorised.

Barclays are the first bank to unveil such a scheme but it is thought that other banks and building societies will be following suit in the months to come. Apacs is also working with restaurants, shops, pubs and supermarkets on a similar scheme but is yet to announce plans to put any new systems in place.