Lloyds TSB bank has issued keyring sized “access code devices” to around 30,000 of its Internet banking customers, to use when they log on to their bank accounts online.

Every time a customer accesses their account online, the device generates a new six-digit number to type in. The device will be used again to generate a code before they make some transactions, such as bill payments. The code changes every 30 seconds to help fight fraudsters who hack PCs or use phishing emails to steal login details. Each device has a unique identity and the numbers generated by it are recognised by the bank’s system when used in conjunction with other personal details.

The system is already being used in Asia, Scandinavia and Australia.

Via netimperative.