Co-operative Financial Services has contracted with French vendor Xiring for the supply of 300,000 Chip and PIN authentication card readers which it will roll out to online banking customers.The Co-op will begin handing out the Xi-Sign 4000 card readers and associated services to customers in April.
To authenticate online transactions, users enter their banking card into the reader and type in their PIN on the keypad. The reader then generates a one-time passnumber which the customer types into the Web site to confirm a transaction.
Xiring has also developed dedicated environmentally-friendly packaging for the readers.
Tony Britten, director, financial crime management, Co-operative Financial Services, says: "Being able to bank online with us has always been quick, easy and convenient. Now we are making it even more secure by introducing these Chip and PIN Card Readers."
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