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Quote:HIGH street banks are to introduce new anti-fraud systems to stem the growing tide of internet crime sparked by the introduction of chip-and-pin technology, writes Yuba Bessaoud.

Under a scheme being developed by the Apacs payment network, bank customers using the internet will be given hand-held terminals that generate a different eight-digit code for each transaction. Customers can only gain access to their online account with this code.

Although the technology will initially be used by online (and phone) bank customers, Apacs hopes it can later be extended to purchases on retail websites.

Figures from Apacs, which groups together banks and card firms, show 26.6m people made at least one internet purchase last year, spending £22 billion. In addition, 15m customers regularly carry out banking transactions online...