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Bank Security

Infinity
Pro
Posts: 5,601
Thanks: 148
Fixes: 2
Registered: 19-06-2011

Bank Security

With all the problems with banks recently, and accounts being compromised, our main  bank has quite a good security system for online transactions, as possibly some others do too.
The Bank supplies a Secure Key mini keypad, which you have to use for any major transactions, such as transferring money to a third party.
It is a two stage process, requiring physical input by the user, twice.
You can access your account without the Secure Key, but then you are limited to only being able to transfer monies between your own personal accounts.
It seems to be a secure method of preventing fraud.
Any phone calls to the bank require authentication of non internet available facts, setup when you first open an account.
I understand if you give details over the phone to a Phishing Fraudster, you are not covered for any losses, as you are complicit in allowing your account to be accessed, otherwise, the bank will cover any losses.

5 REPLIES
Community Veteran
Posts: 7,923
Thanks: 600
Fixes: 8
Registered: 02-08-2007

Re: Bank Security

Nationwide also provide these for internet banking.
Community Veteran
Posts: 1,585
Thanks: 59
Fixes: 2
Registered: 17-06-2007

Re: Bank Security

Barclays provide a similar device which needs your card inserting to get the 8 digit security sequences. Also if you are doing a payment to an account not on your trusted list you have to enter some of those account details and then get another 8 digit sequence.
nanotm
Pro
Posts: 5,674
Thanks: 109
Fixes: 1
Registered: 11-02-2013

Re: Bank Security

Santander send you an text with a code to your registered number, they also block this facility if you request a new sim card on your mobile account (I guess some intercompany sharing goes on there) as apparently some people have had their mobiles cloned by a scam caller obtaining relevant details and then getting a clone sim from the phone company.
apparently this method is safer than the datapad units although they are cheaper over time so I guess its a compromise based around that fantastic phrase "reasonably practicable"
just because your paranoid doesn't mean they aren't out to get you
Community Veteran
Posts: 4,599
Thanks: 753
Fixes: 3
Registered: 06-11-2014

Re: Bank Security

Lloyds uses an account ID that only the account holder knows, a secret word that they take random letters from, and of course, a password, never caused me any trouble...  Cool
DaveyH
Pro
Posts: 1,295
Thanks: 179
Fixes: 7
Registered: 15-11-2012

Re: Bank Security

NatWest have the readers too. TSB (unsurprisingly) have the same system as Lloyd's, additionally when setting up new payees/payments they call with a code