HSBC Bank USA has launched a new fraud prevention device that provides enhanced security for online banking transactions.

In addition to the existing passwords and other security measures, the new device provides customers with two-factor authentication technology, serving as additional layer of security for internet banking transaction.

The HSBC security device works by generating a unique security code, which customers need to enter every time they log-on to the device. This will ensure that both bank and customers are safe from fraudsters.

Despite being small and convenient to use, it can be downloaded as a mobile device application.

The HSBC security device will be available for customer activation from the end of the second quarter of 2014.

The new security device follows the bank’s recently launched customer awareness campaign, including BankMail communications and website messages.