Barclays reports reduced phishing due to Gemalto's solution

As per information provided by Bnaktech.com since Barclays's implementation of Gemalto's smart card readers to authenticate online customers, phishing attacks reduced in number while the whole industry in the UK suffers huge influx of fraud. APACS reports that online fraud with plastic cards or card not present payments increased 298% across the country within the period of 2000-2007.

Sean Gilchrist, the bank's digital banking director, says that the bank was able again to return to previous transaction limits. Earlier Barclays losses from online fraud had prompted the bank to cut the amount of money customers could move online. Now the maximum amount for personal online transactions has risen to 10,000 pounds (about US$15,000) from 1,000 pounds. According to the latest monthly surveys 87% of Internet banking customers are "satisfied" or "completely satisfied" with the security offered online.

Each time a customer initiates a banking session they are provided with a one-time access number generated by the chip on their bank cards and displayed on the card reader, known as PINsentry. After the customer enters their permanent PIN, the system generates a one-time password that serves as a digital signature.