The internet banks are working on different methods of achieving
this but it is hoped that both will successfully prevent instances
of fraud.
Egg’s system works by removing a sum of money from the
consumer’s account and placing it in an electronic wallet from
which the consumer can make on-line purchases. The wallet can only
be accessed by using a login name and password.
The system will be available on PCs connected to the internet
and WAP phones and consumers are not required to have a credit card
to use the facility. The service is due to be launched in
October.
The approach adopted by Marbles, the on-line bank of HFC Bank
Plc., involves a virtual credit card which produces a new
identification number every time an on-line transaction is
completed. This enables both the vendor and purchaser to be readily
identified and connected with a particular transaction.
