Barclays to promote card reader security system

In a bid to avert the rise of cyber crime, Barclays Bank is on track to get online customers to use its two factor security system as from November 2007, Computerweekly has learnt.

Already a quarter million people are using Pinsentry, but Barclays is saying that it plans to extend it to 11 million current account holders.

Pinsentry is a card reader that provides with a unique identifying code each time you need to access your online account.

Card based frauds where the card holder is not present account for more than GBP 137m according to UK Payments association Apacs.

It remains to be seen though whether the system will scale smoothly especially given that the whole security system can be defeated by intercepting the Pinsentry card reader and the card before it even reaches the Barclays user.