Banks and online banking security...

Recently my bank introduced this calculator thing that you need to put your card in before you can log in.

This is supposed to more secure, however they have removed the previous stage where you had a special online banking pin number and secret password!

So now it seems all you need to get in is just the card and the calculator for the person which any robber can get hold of, whereas before it was safer because the codes were just in your head.

Has anyone else noticed this or am I missing something?

Sasha

Re : Banks and online banking security

Looks like most of the banks are gradually introducing these measures to make online banking more secure (or at least perceived to be more secure).

It would be worth raising the point you make above with your bank - from what you've said it doesn't seem obvious how that is any more secure than before!
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Web Design

Re : Banks and online banking security

Hi Sasha

Further to my earlier post, I was speaking to a banking friend yesterday and apparently more people have fallen for scams where they enter their login details on fake sites than you might have thought. And it's actually been costing the banks quite a bit.

Therefore the new system does get around that problem because of course you enter a different code each time you login and therefore even fake sites that get your codes can't log in without your 'calculator thing' - and in that way they solve the purpose in combatting virtual crimes that get your bank details.

Dan
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Web Design

Re : Banks and online banking security

Banks losing money? I thought that was just Northern Rock

Re : Banks and online banking security

Don't dislike them too much Tim, it seems possible that free banking might be coming to an end soon, then you really will have something to grumble about!
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Web Design

Re : Banks and online banking security

Free banking is one of the few good things about this country's banking system! If the banks do introduce charges, I hope it means they'll up their game. I suspect that's wishful thinking, though...
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Catherine Woods. Real Business - Finance editor; www.realbusiness.co.uk

Re : Banks and online banking security

Like most things in life it's all about taking responsibility.

I'm fed up of these people whinging at bank charges when they go over their limits - it's their fault not the banks.

Now it seems into response to the complaints we will all suffer so the banks can make their profits off all of us instead of those who can't manage their money well... it's a shame we should all get penalised for the fact that some people can't stay within their agreed limits.

Personally I would much prefer free banking to stay and those who can't run their account well to get hit with the charges that keeps banking free for the rest of us.

Steve

Re : Banks and online banking security

Thanks for your responses on this one everyone

Sasha

Re : Banks and online banking security

You're welcome!

Re : Banks and online banking security

Maybe it is more safe for us, but we have to be careful to avoid something happen.
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