UK retail bank Alliance & Leicester has set in motion plans to introduce two-factor authentication for all of its online banking users by next month, according to a news report.
Finextra has reported that the leading high street bank is set to become the first UK bank to introduce this type of solution to its entire internet banking customer base.
The move to improve its security offering comes as traffic to its site almost doubled in 2005 compared to the previous year. Alliance & Leicester currently has around 1 million online customers.
The drive to implement the innovative online security feature comes at the same time Alliance & Leicester is looking into revolutionizing its portfolio of mortgage products. The bank is believed to be currently talking to US finance outfit Lehman Brothers about adding buy-to-let products to its mortgage offering.