LloydsTSB online transfer limit dropped!

munch4780

Reading some of your comments here and I must say I'm quite ammused. I have a relative who works for LLoyds TSB and they have told me the real reason for the reduction in limits. It is linked to faster payments and the reality that customers can't be trusted to keep their log on details secure, i.e responding to phishing scams, not protecting computers with virus software, sharing their log on details (business customers the biggest culprits for that one). Then next thing they go crying to Lloyds TSB saying someone has stolen their money boo hoo sniff. Please help me. So it looks like the bank has had enough and reduced the limit for transactions as they're losing too much money it may seem. So get a grip people. The bank is fighting against fraud and in any war there are casualties.

Davesnave

munch4780 wrote: »

Reading some of your comments here and I must say I'm quite ammused. I have a relative who works for LLoyds TSB and they have told me the real reason for the reduction in limits. It is linked to faster payments and the reality that customers can't be trusted to keep their log on details secure, i.e responding to phishing scams, not protecting computers with virus software, sharing their log on details (business customers the biggest culprits for that one). Then next thing they go crying to Lloyds TSB saying someone has stolen their money boo hoo sniff. Please help me. So it looks like the bank has had enough and reduced the limit for transactions as they're losing too much money it may seem. So get a grip people. The bank is fighting against fraud and in any war there are casualties.

So it looks like Lloyds are the first casualty, then? If they had done as Nationwide has, each customer would have a nifty little code generator thingy into which they put their bank card. This adds another layer of security.

What none of the banks address adequately is the wider issue of securing one's log on details, passwords etc, because if you have, say, ten accounts, it is a nightmare keeping all thse details. You're not supposed to write them down or record them anywhere! :rotfl:

I think I've found a reasonably secure method of overcoming the above problem, using encryption etc, but I'm no computer nerd, so I could be far less secure than I think I am. However, I have friends with Internet accounts who are way behind me in this area. There are also those who think they are tech-savvy, and who make up their own security system from 'bits' rather than purchase an overall solution; you can meet those on the Techie Board any day of the week.

nicko33

munch4780 wrote: »

The bank is fighting against fraud and in any war there are casualties.

This isn't fighting fraud, it's an attempt to limit Lloyds liability after the event.

edda

I've been told by Lloyds Phonebank that business limits are now back to normal (i.e. before all these problems started).

This could well be true for personal limits as well, but I don't know.

dunstonh

Thanks Edda. I just logged on and transferred £8500 and its working.

Paul_Herring

munch4780 wrote: »

nzseries1 wrote:

They should be able to check on their system to see who has transferred over £7500 in the last year, and only inform those customers. That would not be a hard thing to do.

How do you know that? You've done it have you? Or do you work in IT and can design a programme that will check the billions of transactions processed and pick out those over £7500 and then check to see if the addresses of those accounts are valid and then action a mail shot to each and every one. Don't forget mind this has to be done overnight so customers get their letter the next day.

As opposed to having a 'relative working in LTSB,' I actually work in IT and what you're proposing is nothing more complicated than running something akin to

select * from addresses, transactions where transaction_amount > 7500 and transaction_account_id=address_account_id.

on (maybe a a copy of) their databases.

:rolleyes:

nzseries1

munch4780 wrote: »

How do you know that? You've done it have you? Or do you work in IT and can design a programme that will check the billions of transactions processed and pick out those over £7500 and then check to see if the addresses of those accounts are valid and then action a mail shot to each and every one. Don't forget mind this has to be done overnight so customers get their letter the next day.

Okay, okay, I will rephrase my statement.

Instead of
"That would not be a hard thing to do"

I should have said:
"That should not be a hard thing to do, if they have put any thought at all into their banking systems"

nzseries1

Paul_Herring wrote: »

As opposed to having a 'relative working in LTSB,' I actually work in IT and what you're proposing is nothing more complicated than running something akin to

select * from addresses, transactions where transaction_amount > 7500 and transaction_account_id=address_account_id.

on (maybe a a copy of) their databases.

:rolleyes:

You beat me to it :rotfl:

Paul_Herring

nzseries1 wrote: »

"That should not be a hard thing to do, if they have put any thought at all into their banking systems"

Then again, given the Win3.1 look to the GUI's I've seen various banking staff use, from the branch manager who went through a couple of my 'account reviews' (thanks for the 0% no fee CC a few years back) to the gentleman I spoke to the other week about why my upgrade from 4% to 6% current account seems to have reverted my account to 1.5% (same interface even after a couple of years) I'm not so sure.

isofa

Absolutely crazy situation, I for one will not be a happy LTSB business customer.