GoldMoney introduces PIN-by-text security

Source: GoldMoney

GoldMoney, one of the world's largest providers and holders of physical bullion for retail investors, has launched an enhanced security measure for online transactions. Customers can now receive a transaction PIN code by text message on their mobile phone, to protect customer Holdings against the unauthorised removal of assets.

Security has top priority at GoldMoney and this latest measure is one of several mechanisms used to combat fraud and protect GoldMoney account holders.

Geoff Turk, GoldMoney chief executive officer, said: "By submitting the PIN code directly to the customer's mobile phone, we greatly reduce the risk of any unauthorised removal of customer assets." To authorise each transfer of assets from the Holding, a unique PIN code must be entered online. The code is sent to the customer's mobile phone along with the details of the transaction about to be authorised.

GoldMoney spokesman Alex Preukschat added: "The transaction request will only be processed if the code has been entered. A mobile phone is a piece of equipment completely separate and unconnected to the computer accessing the Holding. That's why this new security system is particularly effective."

GoldMoney is the leading provider for the storage of physical gold, silver and platinum in the retail market. GoldMoney customers hold nearly US$1 billion (c. £700m) of bullion and currencies in its London, Hong Kong and Zurich vaults.

Comments: (1)

Michael Wright
Michael Wright - Striata | Secure Document Delivery - London 28 May, 2010, 10:50Be the first to give this comment the thumbs up 0 likes

Interesting that this is called a "PIN code" - I've always seen this this type of process referred to as a "One Time Password" or OTP. 

This is used by many banks for online banking verification - striving to meet 2 factor requirements (something you know = username and password as well as something you have = your mobile).

It raises the security requirements for mobiles - setting a sim access code as well as a screen saver code will now become a key feature for mobile devices.

Michael Wright - Striata.com

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