Surgeon here!

As we have previously mentioned, credit card scams and online fraud are all too familiar these days; so you need to be wary!

Though credit card fraud losses declined 3% to £428m last year - online banking losses have soared by 44% to £33.5m.

Most online banking fraud comes from phishing, where scammers send out thousands of spam emails supposedly from an individual's bank in an attempt to dupe them into disclosing security information. These emails include a link to a fake version of a bank website.

However the folks over at Barclays Bank have started an anti-fraud initiative for those of us that use the internet! They say it will improve security and make it harder for the thieves that lurk on the sides of the information superhighway.

Under the scheme, more than 500,000 Barclay's customers who use their online accounts to set up payments to new third party accounts will be sent free "Pinsentry" card readers by the end of the year.

These will allow you authenticate your identity with your debit card and Pin number instead of using security codes and memorable words when you log in (and we know just how hard it is to remember all the different passwords we have eh?)

When buying something remotely, for example, you will place your card into the reader and type in your Pin. The device will then generate a one-off pass code that will be communicated to the retailer to verify the transaction.

The Pinsentry system will only be needed if you are using online banking to set up payments from you account to a third party for the first time. If you simply want to use online banking to view your accounts and pay bills or established payees you will be able to continue to use online banking as normal.

Barnaby Davis, director for electronic banking, said: "Barclays is constantly working to help protect customers and their money, and that is why we have invested in this system. "Pinsentry is the next generation of fraud prevention technology and Barclays is proud to be the first organisation in the UK to roll it out to its customers."

Experts predict that the card reader device would become a universal feature in the UK over the next year or so.

So if you are a Barclays customer, you should breathe a little easier. If you are not, then you need to keep your wits about you!