Banks don’t give a 2FA

The online security of a majority of UK banks is failing customers.

Tests by consumer group Which? found that only five out of the 11 providers it tested offered two-step authentication for logins. Lloyds and Santander were among the banks faulted for not doing enough to protect consumers from ID theft and banking fraud.

In 2014-2015, online banking losses soared by 64 per cent to £133.5m. Despite this, many banks are failing to introduce security steps that could better protect their customers from scams.

Two-factor authentication at login combines two different types of ID checks - typically something you know, such as a password or PIN, with something you have, such as a card reader or a mobile phone on which to generate or receive a single-use pass code. ®

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