Financial Times

HSBC security measures for Internet customers

HSBC Sri Lanka said last week that it has provided additional security to its Internet Banking customers through high-level security measures such as double authentication of identity using the security token, encryption and limits on transfers to third-party accounts, the bank said in a statement.

Double authentication of identity using the security token – In addition to the regular password, a special Security Token is provided for double authentication. The Security Token generates a time-sensitive, single-use six-digit Security Code for online banking customers to use when logging on and for selected online transactions. Random numbers are generated for each individual Security Token and each Security Code can only be used once.

This single-use, time-sensitive Code offers protection against Internet attacks where information disclosed during online transactions is re-used for unauthorised account access.

Encryption – When an HSBC Internet Banking customer gives commands or makes transactions online, the commands given are scrambled, or encrypted, which prevents other parties from gaining access to or hacking this information. Only HSBC can unscramble or un-encrypt these commands.

Limits on transfers to third-party accounts – Customers are required to register with the bank when making transfers to third-party accounts (non-HSBC accounts). Moreover, customers are given a limit on such transactions in order to limit risk.

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