HSBC to issue security tokens to its customers

heloid

I think most people don't mind card readers if they are used to protect you from fraudulent activities that matter, such as creating new payees etc.
But to check my balance or transactions in an emergency - why do I need physical 2 factor auth to do that?

grimsalve

muchus wrote: »

To all those peeps saying they've never had a problem before and moaning about the new system, look what happened to PS3 online. I'm sure they have some of the brainiest people in the world working for them, and they still got took offline for a month.

AFAIK, there's nothing that's been introduced with new secure key system that would make the backend systems any more or less secure. PSN was compromised with SQL code injection, not via the customer interface.

In fact, from a customer POV the new secure keys are a bad thing as potentially the bank is less likely to accept responsibility for rogue transactions.

ianbell

Lith wrote: »

But you prefer a big card reader tho? 0_o

Yes, I do.

Because I can have more than one, for work and home. HSBC tell me I can't have more than one secure key active at a time.

The natwest card reader isn't that much bigger than the hsbc key, and i wouldn't have to carry the thing around.

nickmack

grimsalve wrote: »

In fact, from a customer POV the new secure keys are a bad thing as potentially the bank is less likely to accept responsibility for rogue transactions.

Exactly, this is really a move to protect the bank rather than customers. I just fail to see how requiring Securekey for logging on to see your balance helps customers.

You'd hope any savings made from preventing fraud would benefit customers, but it may just boost their profits.

judy7007

I find the secure key pad difficult to use (I am an 'older person'). I need to press the keypad with a pencil and hold the screen under a bright light to see it. I gave feedback to HSBC who then offered me the large one - however that meant de activating the smaller one which I am not prepared to do as I might need it when travelling. If I had arthritis or even larger fingers, it would be extremely hard to use. I am quite annoyed by it (to put it very mildy).

Bloomberg

grimsalve wrote: »

AFAIK, there's nothing that's been introduced with new secure key system that would make the backend systems any more or less secure. PSN was compromised with SQL code injection, not via the customer interface.

In fact, from a customer POV the new secure keys are a bad thing as potentially the bank is less likely to accept responsibility for rogue transactions.

You have raised a really interesting point about the possibility of the bank being less likely to accept responsibility for rogue transactions. Does anyone know if the banks have changed the terms and conditions of the internet banking security promise?

Turnbull2000

F*ck that. The convenience of just logging was probably the only real reason to stick with HSBC. So many times of seen my pals at work needing to log into their accounts, only to struggle to find their bulky key device or realise they don't have it with them at all. P*ss take :mad:

sky123_2

This is a completely annoying move by HSBC. I'm fed up at the frequency that they harrass me over the phone from their 'fraud detection department' whenever I make a few purchases on my card. The fraud detection department computers are just trigger happy. Not one fraud in ten years? yet I get a call from them on average around ten times a year.

Anyway, I suspect (again, not advocating it), that it is possible to generate a Secure key value, write it on a piece of paper, and then generate another secure key value, and keep repeating until you have (say) twenty written down on a piece of paper.

I suspect (not that I advocate it) that a lot of people will want to ditch the Secure Key at home, and just carry the scrap of paper in their wallet.

I suspect (not that I advocate it) that this would be extremely useful and quite convenient.

I suspect (not that I advocate it) that if many people did this, HSBC would be forced to revise their Secure Key with a newer device with a different mechanism. If people found workarounds again (not that I advocate it), then eventually HSBC would have to give up and come up with a more customer-friendly method.

spenderdave

Sorry, that won't work. The codes are generated using an internal clock (which is broadly synchronised with a similar remote clock). You will find the code changes every 30 seconds or so. You won't be able to predict what code it will generate at a time in the future. It is a very clever system, and it allows for the internal clock being out by a few seconds so that the two adjacent codes are allowed, and then adjusts the remote clock to be in synch.

gt94sss2

sky123 wrote: »

Anyway, I suspect (again, not advocating it), that it is possible to generate a Secure key value, write it on a piece of paper, and then generate another secure key value, and keep repeating until you have (say) twenty written down on a piece of paper.

While what you suggest might work with the card readers rolled out by most other UK banks - its an inherent weakness in their security.

As spenderdave says, it won't work with the HSBC system though.

Regards
Sunil