The PINsentry reader works with customers’ normal debit card and PIN, and will be required for certain transactions – such as setting up a new third party payee. The free reader will be sent to half a million customers by the end of the year.
It works by creating an eight digit passcode when the user swipes their card then enters their PIN. The passcode needs to be entered when setting up certain payments and only lasts for two minutes.
Graham Cluley, senior technology consultant for security company Sophos, thinks it’s a step in the right direction. “Keyboard logging spyware and phishing emails which try to steal your login information just won’t be effective as your passcode keeps changing. This will help make life harder for the bad guys who are trying to break into your account,” he said.
While anything that stops bad guys getting their hands on your cash is to be welcomed it seems like a bit of a phaff. As it’s only used for certain things then you’ll no doubt lose it just when you need it most and not be able to make that payment.