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http://technology.guardian.co.uk/news/story/0,,2077983,00.html
Changes are afoot ... But, as one door closes, another opens I wonder which?
All the big banks - except HSBC, which also controls First Direct - are to demand that online customers use "chip and pin at home" devices to identify themselves before moving money out of their accounts, in the biggest change to personal banking since chip and pin replaced signatures at the checkout.
Millions of hand-held card reading devices will be sent, free of charge, to bank customers over the next six months in the latest attempt to fight online fraud. Regular internet users will be the first to receive the devices, in which they will have to place their debit card before making any online banking transactions. Only balance inquiries, and payments to "known and trusted" big firms such as telephone and power companies will be possible without using the devices...
...The banks are concerned that instant money transfers - demanded in the government-sponsored Cruickshank report in 2000 - would expose them to greater fraud, and are introducing the hand-held chip and pin readers to combat the risk...
Changes are afoot ... But, as one door closes, another opens I wonder which?