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."