Two cards containing microprocessors that generate one-time passwords are being touted to Australian banks as possible replacements for tokens and passwords delivered by SMS and one is already being trialled by Visa.
SMS-based two factor authentication has been touted as a way of improving online banking security but Westpac's head of information security disagrees.
Westpac Bank is set to improve its security credentials and tackle card swiping scams by issuing credit card holders with chip-embedded smartcards.
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