Banks Test 'Text Messaging' Security

Link: Banks Test ‘Text Messaging’ Security

They’ve tinkered with tokens. Now they’re considering cards and mulling messaging.

Banks and brokerages have been on the hunt for just the right way to boost log-on and transaction security for customers. They seek the perfect balance of convenience and cost. But that has proved to be a moving target as times and technologies change. So consumers might see an array of alternatives pop up over the next couple years.

E-Trade Financial , PayPal, Charles Schwab and others have started offering customers key-fob-size tokens to boost log-on safety. Users who opt for these can then only access their accounts online by typing in an up-to-the-minute passcode that a token displays. This basically bars identity thieves from getting into accounts, even if they have an account’s user name and regular password.