Online Banking & Security

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TracyG

Moderator
Apr 26, 2009
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I have accessed several accounts online over the years, and the one I feel the most secure with is Barclays.

To access my Barclays account, I first have to enter my surname and a 10 digit membership number (provided by Barclays and does not include my date of birth or any other memorable numbers). On the second screen I have to enter the last four digits of my debit card number. I then have to insert my debit card in to a small card reading machine (looks a bit like a mini calculator) and enter my pin. The card reader then generates a random 8 digit number which I enter on screen to access my account. Basically, for somebody else to access this account they would not only need my login details, they would also need the card reading machine, my debit card and my pin number.
 
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Witch consumer

Moderator
Sep 8, 2008
1,593
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Debtors retreat
I think more banks are moving to this sort of system now, I knoe the co-op and smile have recently introduced these readers.

I used to have a cahoot webcard that generated a new 'credit card number' for each transaction and the user entered a maximum amount for the transaction, I never understood why more CC companies didn't take this up (probably because it dug into their profits).

Personally I think internet banking fraud is a much less serious issue than purchases using stolen debit or credit card details, I think the banks and merchants need to work much harder to prevent details being compromised when buying online.
 
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Rachelle

New Member
Apr 25, 2009
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What drives me nuts is having to remember the gazzillions of passwords I have for different sites, accounts, etc. Very embarrassing when I can't remember and so the alarms go off and everything gets locked down so to speak! There must be a simpler way to all of this? Cash maybe?
 
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Witch consumer

Moderator
Sep 8, 2008
1,593
3
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Debtors retreat
Can't do cash, I must have a hole in my purse coz every time I put cash in it just disappears!!!

I only have 2 passwords, 1 for secure sites and 1 for insecure sites and 1 PIN number.

BTW I've fogotten my password for this site, if it wasn't for Firefox remembering it, I'd be stuffed!!!!
 
Tony

Tony

What Consumer Founder
Apr 7, 2008
18,307
3
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Bolton
Yes it is quite amusing that we all take precautions to secure our details, while our banks leave print outs lying around and send them by post - one bank was fined £2 million for this recently.
 
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TracyG

Moderator
Apr 26, 2009
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I have recently been dealing with taking online payments and I am shocked at the process. Once a customer has placed an online order, I log on to a third party website where I can view their full card number, expiry date and security code, along with any other personal details that have been requested. I then process the payment.
 
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Rachelle

New Member
Apr 25, 2009
895
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TracyG, in order for you to carry out this sort of work presumably you had a police check? If you didn't then that's really shocking but I'm sure you must have. I suppose the reality is that people do still have to process other people's payments and so have access to that sort of information. Until we all run on computers then a little trust is going to have to go a long way!
 
Tony

Tony

What Consumer Founder
Apr 7, 2008
18,307
3
38
Bolton
Nearly right:

LONDON (Reuters) - HSBC Holdings, Europe's biggest bank, was fined 3.2 million pounds on Wednesday for information security breaches, the biggest fine the country's financial regulator has ever imposed for data security lapses.

The lapses include sending confidential data of 180,000 insurance policy holders through the post by unrecorded delivery and leaving customer data in open sacks in a reception area.

The Financial Services Authority (FSA) said three of the bank's units -- HSBC Life, HSBC Actuaries and HSBC Insurance Brokers -- had failed to put in place adequate systems and controls to protect customers' details from being lost or stolen. The three units were fined 1.6 million pounds, 875,000 and 700,000, respectively.
Click to expand...
FSA fines HSBC £3.2 million | Reuters
 
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TracyG

Moderator
Apr 26, 2009
296
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I make a big effort to protect my personal details from identity theft, shredding statements and being careful with my choice of online passwords etc. It is a disgrace and unacceptable for the banks to be so careless with people's personal information.
 
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