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The banking major HSBC has indicated that its One-Time Tokens will be rolled out soon to support its anti-fraud solutions. This has been planned to address the security measures in online banking.
Derek Wylde, the head of HSBC’s group fraud risk told that there was very high risk in Internet banking that needed to be addressed very soon.
"As more and more customers move to do their banking online -- Internet banking is easy, quick, convenient -- it has its risks," he said.
He also said, "We are doing quite a lot of work to ensure they can bank safely online. In Australia, for instance, we issue one-time tokens free of charge. I think it gives customers a feeling of greater security.”
"Although we don't have one-time tokens across the whole group we are moving to that sort of solution for all HSBC online banking wherever you are in the world," he added.
HSBC has a uniform and global approach like the SAS Fraud Management to address the security issues. It has been a good fraud management solution for the past four years.
"We implemented it in HSBC US in 2007, then followed it up with other implementations in the UK and in eight countries in Asia and We have plans to deploy that further,” Derek Wylde said.
"As you can imagine HSBC has grown up probably more by acquisition in recent years than organic growth. So we have operations in 86 different countries. However, we have significant card portfolios in probably 25 to 30 [countries].Because of the growth by acquisition we inherited a lot of different fraud solutions that were operating on legacy platforms. The HSBC strategy generally is to try and go for global solutions wherever possible. With that we gain economies of scale and the cost of maintenance is much less."
Wylde stressed on the need to create region or country specific models in its fraud management solution. So the One-Time Tokens will be a step forward for this.
"If you tried to develop one model that tried to cover all forms of fraud across the world it wouldn't work," Wylde said.
