Egg have sent out an email to their customers detailing changes they’re making to prevent unauthorised transactions.
In October 2010 we’re introducing payment verification – it’s a new security measure to help prevent unauthorised transactions on your account. It will involve using text messages as a way to verify all online balance transfers to an Egg credit card and some online Egg Savings Account/Cash ISA transfers to external accounts.
If you’re an Egg account holder, you’ll need to make sure that Egg have an up-to-date mobile phone number to take advantage of this feature.
Why are they introducing this new feature? Essentially, they’re using this payment verification to make sure it’s really you making any transactions where money is moved around.
If you have malicious software on your computer, there’s a risk someone else may be able to access your online account details and transfer or credit money from your account to their own external account. By verifying your payments we can help stop unauthorised transactions on your account, giving you peace of mind that your account is safe.
Text messages are more secure than emails, as fraudsters are less likely to have access to your phone, yet if they’ve got you banking login details, there’s a good chance they can get into your email account too.
You can read more about Egg payment verification and how it works on their website.