HSBC to issue security tokens to its customers

Lokolo

Turtle wrote: »

Some people's opinions are rather odd I think. It won't be long before all UK banks are doing this - you haven't been able to bank in China for years without one of these types of devices.

I agree with those saying if you don't want to use it the bank should hold you responsible for any fraud on your account.

I can assure you as well, that first direct have changed internet banking plus to deal with this and I can't imagine why Egg won't have done the same.

Given you can't even log in with Egg and HSBC at the moment, and the amount of time it's going to take to fix it, it's going to annoy me considerably for quite a while!

DesG

NFH wrote: »

Exactly. However, of those who object to this introduction of two-factor authentication by HSBC and other banks, who would object if it was required only in order to set up new unknown payees? This is what Barclays are going to do from 17th May 2011.

I would be happy with that option (Assuming it isn't required to login)

In fact I have stopped using Nationwide as they require authentication when sending to existing payees.

Cheers, Des.

NFH

DesG wrote: »

I would be happy with that option (Assuming it isn't required to login)

No, it won't be required. That's actually the main thing they're doing away with. The other changes are secondary.

welshblob

Although I agree with the increased security aspect of these secure calculators I just feel they have chosen the wrong device as in its too big and the wrong shape. I also have access to my brothers HSBC business account and have a secure fob for that which is much better as its designed to be attached to a key fob and the shape is like a torpedo. Unfortunately I will probably have to leave HSBC over this having been with them for over 20 years when they were originally known as the listening bank .... not sure they will listen over this.

For comparison this site has pictures of the two next to each other ....

http://byfai.com/content/new-hsbc-internet-banking-security-device

Rob

spenderdave

Thanks for giving those links. I already have a business device. It looks like the new one does the same function as that one by just pressing the green key. All the other functions activated by the yellow key seem far more aimed at business customers than personal so it seems a huge device just to add things you will use very rarely.

Somewhat puzzled that they haven't given us who have business devices the option to use these for personal login instead of just sending new devices. I wonder when I receive the new one whether this can also be used on business...

bobblebob

Im guessing banks really dont care how awkward it is to carry around and any problems it may cause the customer. End of the day its in their interest more than yours to keep your account secure (banks will refund any money taken out fraudulently, so you personally wont be out of pocket). So its the banks that lose if any fraud is committed on your account, not you. And it costs them millions a year

pmduk

bobblebob wrote: »

So its the banks that lose if any fraud is committed on your account, not you. And it costs them millions a year

Do you honestly think they don't recoup that from us in one way or another?

firstinflight

The only real reason I still have my main current account with HSBC is because i've always found their online banking to be very streamlined and easy to use. I'm all for increased security, but if the changes have a significant impact on the ease with which i can do my banking, then i've lost my last reason for staying with them.

meer53

Lokolo wrote: »

To be honest, I'd be fine with that.

You must be off your rocker !! I work in the fraud department of a bank and frequently see 5 figure fraud cases !

Lokolo

meer53 wrote: »

You must be off your rocker !! I work in the fraud department of a bank and frequently see 5 figure fraud cases !

I am a software engineer, I am not "newbie" enough to get caught out through internet means

And I've had online banking with HSBC for goodness knows how many years and I've never had problems.

Had fraud once... and that was because I didn't cover my hand with pin! Oppsy!