UK banking group Lloyds TSB claims that the trial of its key-ring sized Access Code Device proved 100% effective in preventing internet banking fraud for the 23,500 customers who used it.
Five months after issuing the new system, Lloyds TSB said that none of its customers participating in the trial had reported any fraud on their accounts.
Lloyds TSB began trialing the device last year. It works by generating a unique, one time only, six digit number that customers enter when they log on to the internet banking site.
Matthew Timms, Lloyds TSB, internet banking director, said, Lloyds TSB was the first bank to give this type of device to customers and is at the forefront of tackling online fraud. The response from customers has been fantastic and the fact that nobody taking part in the trial has had any fraud on their account since using this device is testament to the fact that technology is the way forward.
Though the majority of customers participating in the trial rated the device as excellent and indicated that it was easy to use, Lloyds TSB has yet to commit to a full roll-out of the technology.