First National Bank secures online banking with ActivCard

First National Bank secures online banking with ActivCard

South Africa's First National Bank is using technology from ActivCard to provide its 250,000 Web banking customers with single-use passwords for accessing online accounts.

The bank is using ActivCard's newly-released KeyChain Token to protect against key-logging and other password scams that hit neighbouring Absa Bank last year. Fraudsters behind the keystroke-logging scam scam stole R530,000 from Absa accounts before the crime was detected.

ActiveCard says the security token generates a one time password which is recognised by the bank's server to open access to accounts. The application also allows bank administrators to set time limits on the validity of single-use passwords.

Roland le Sueur, head of Internet banking at FNB, says: "Teaming with ActivCard provided us the most cost effective solution to address all our security issues, while still remaining user-friendly to promote more widespread adoption of the solution."

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