Bank of Queensland has become the first Australian bank to introduce "transaction signing" for internet banking customers. "Transaction signing" is one of the two levels of security offered with BoQ's Basco internet banking token, which is the size of a small mobile phone and is being given to customers without charge. The token can generate a one time eight digit passcode for standard two factor authentication or the user can select a second application which asks for the originating account number and the target account number as well as the amount being transferred. This information is the transaction signature and "comes out at the other end" along with the money, says Steve Kunkler, head of direct banking from Sandstone Technology who developed BoQ's new internet banking platform. "When you input the information into the token the software runs a hash [formula] over it - it protects against man-in-the-middle attacks.""The technique is not new, it has been around in the US for a few years now. It is aimed at larger transactions and the business market - the process does take a little bit of time so you wouldn't want to be using it to transfer $50" says Kunkler.The token can be used with any computer and no special software is required.