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October 2, 2007

RBS and NatWest combat phishing fraud

by Gill Montia

Story link: RBS and NatWest combat phishing fraud

Royal Bank of Scotland (RBS) and NatWest are issuing new security devices to customers who bank on line.

In future, RBS and NatWest account holders who are setting up payments, such as direct debits, will use debit card readers that generate a new code each time they are used.

The reader looks like a small calculator and the codes they produce must be typed into the banking group’s website at the time a payment directive is initiated.

The system works in a similar way to Pinsentry, which was introduced by Barclays earlier this year.

RBS and Natwest customers who frequently set up new payments have been using the readers since May, and from 2008, any customer who sets up a new payment will be sent a reader automatically.

The new measure aims to combat so-called “phishing” fraud and works as follows.

A customer wishing to set up a payment will put their existing debit card into the reader, along with that card’s current Pin.

At this point an eight digit code will displayed on the RBS or NatWest online banking site and this must be entered into the reader.

Once this phase is complete a unique “response” number is generated, which must then be typed into the online account to set up or authorise any payments from it.

The reader itself is a standard piece of equipment and can be used to read a number of cards that might exist in any one household.

 

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