Finance Articles

Barclays Introduces 'PINsentry' - Pioneering New Security for Online Banking

(PRWEB) June 9, 2007 -- Barclays Bank has announced that later this year, Barclays customers who use their online bank account to set up payments to new third party accounts will begin using PINsentry devices. The devices will be used together with the customer's normal debit card and PIN, to authenticate their identity at log in and for making certain payments. This will replace the need for passcodes and memorable words.

This is the latest in a series of Barclays (http://www.barclays.co.uk/ ) initiatives to increase the security protection for online banking customers - last year it offered free anti-virus software as well as a SMS text message confirmation service to online customers. As a result Barclays online banking (http://www.barclays.co.uk/ ) won Anti-Fraud Strategy of the Year at the prestigious 2007 Financial Sector Technology Awards.

Over half a million customers will be automatically sent free PINsentry card readers and instructions by the end of the year, with this number increasing further as more customers are added to the service. The remaining customers will not need PINsentry at this stage - it will only be needed by those who use online banking to set up payments out of their account to a new third party for the first time. Customers who simply wish to use online banking to view their accounts and pay bills to established payees will be able to continue to use online banking as normal without the need for PINsentry.

Barnaby Davis, Director for Electronic Banking, said: "Barclays is constantly working to help protect customers and their money and that is why we have invested in this system. PINsentry is the next generation of fraud prevention technology and Barclays is proud to be the first organisation in the UK to roll it out to its customers."

He concluded, "The popularity of Barclays online (http://www.barclays.co.uk/ ) banking service comes down to convenience and security and the introduction of PINsentry will enhance both of these features."

Barclays is sending out handheld chip and PIN card readers to online banking customers in a pioneering anti-fraud initiative.

About Barclays
Barclays PLC is a major global financial services provider engaged in retail and commercial banking, credit cards (http://www.barclays.co.uk/credit-cards/ ), investment banking, wealth management and investment management services. We are one of the largest financial services companies in the world by market capitalisation. Operating in over 50 countries and employing 123,000 people, we move, lend, invest and protect money for over 27 million customers and clients worldwide. With over 300 years of history and expertise in banking, Barclays PLC has six major businesses.

UK Banking delivers banking products and services to over 14 million retail customers and 780,000 businesses in the UK.

Barclaycard is one of the leading credit card businesses in Europe, and has 9.8 million UK customers and 6.4 million international cards in issue.

Barclays International Retail and Commercial Banking operations have over 2 million international clients, in geographies which currently include France, Spain, Portugal, Italy, India, Africa and the Middle East. Absa has an additional 8.3 million retail customers in South Africa.

Barclays PR Contact:
Andrew McDougall
Retail Banking PR Manager
1 Churchill Place
London
E14 5HP
+44 (0) 20 7116 6159
Fax: +44 (0) 20 7116 7540

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