London software testing news UK

HSBC questions investment in APAC’s security tool

Posted in security testing,Software testing book by testing in London on June 11, 2007

From IT Week

Efforts to standardise online banking security could be undermined by HSBC’s refusal to adopt two-factor authentication for access to its web accounts. Figures released by HSBC show a 55 per cent rise in online customers last year without any extra safety measures. The firm is now questioning the need for investment in industry body Apacs’s standard card reader.

HSBC is the only bank actively resisting the introduction of two-factor technology. Barclays and Royal Bank of Scotland are rolling out the Apacs card reader, and Alliance & Leicester and Lloyds TSB are both testing their own versions of the concept.

Alliance & Leicester reported a 22 per cent growth in web-based current accounts in the six months following its introduction of the card reader technology.

HSBC says it prefers to work on educating customers and monitoring back-end transactions, though it does offer two-factor authentication to some commercial customers.

Apacs claims its model was always optional.

Software testing services for financial sector

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