GoldMoney introduces PIN-by-text security
27 May 2010 | 5563 views | 1
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.