HSBC to issue credit card sized Internet banking keycode device

OTP Card or SecurID tokens? What about soft tokens?

HSBC is to issue all customers with a one-time password code reader that can be used without the need to insert a Chip and PIN card.

The device, which is small enough to keep in a wallet or purse, generates a unique PIN code each time a customer logs on to their accounts. Users must enter a personal four-digit PIN to generate the six digit passcode.

Called the HSBC Secure Key, it differs from the approach taken by other UK banks such as the Co-operative Bank, Barclays, RBS and Nationwide which have equipped customers instead with bulkier Chip and PIN card readers.

The device will be issued to all new HSBC customers that register for online banking from 23 March and will be rolled out to all existing customers over the coming months.