HSBC uses token to secure smartphone banking

HSBC is sending four million online banking customers a security token which will enable them to log in to their online bank account wherever they are, without using a card reader.

The HSBC SecureKey device, which will fit in a wallet, generates a PIN whenever a customer logs into online banking as with existing card readers. However, its small size means it can be carried everywhere by the owner.

The customer will key a unique PIN into the token which will then provide another for the online session.

An HSBC spokeswoman said this will enable customers to do their banking on the move from devices such as smartphones.