Egg to introduce one-time password protection via SMS
24 September 2010 | 11410 views | 0
UK Internet bank Egg is introducing a new payment verification service that uses SMS text messaging to send one-time authorisation codes to customers moving money in and out of their accounts.
The safeguard will be introduced in October for all customers who transfer a balance online to an Egg credit card and for some Egg Savings Account/Cash ISA transfers to external accounts.
The bank is currently contacting all customers to ask them to update their account details and include their mobile phone numbers.
The Citibank subsidiary is also offering customers a free download of Prevx's SafeOnline security software, which operates on top of the user's anti-virus controls to protect log-in information from malicious code and detect bogus Websites.