HSBC security key

Grade_A_Reject

closed wrote: »

It eradicates the problem of having your account emptied especially after being infected with a keylogger, a perfectly sensible step forward for any bank to do (and they probably all will soon).Hardly a big burden to carry one around if you can't plan to do your banking at home.

A second password adds nothing to security if you have a keylogger

I couldn't agree more. Having fallen victim to a keylogger in the past despite having what I thought was adequate firewall protection and up to date antivirus software I can tell you the inconvenience of not having access to your own bank account is far more inconvenient.

It took a couple of weeks to get my accounts back up and useable as new passwords and cards had to be issued by post during which time I had no access to funds and couldn't even check what was in my account.

I have two different types of hardware security device, the card reader type which is least convenient and most bulky to carry around although the devices work with cards from any bank so you'd only need to carry one reader round even if you had six cards. As each bank issues the readers with the cards I have a few spare readers so can keep one at home, one in my suitcase, one in the car etc.

The other type of hardware device issued by HSBC business banking is a small torpedo shaped device which stays on my keyring and uses an algorithm to generate a synchronous number that matches that expected by the bank. Just press a button and a 6 digit number is displayed. Simple. When I was given this in the branch I was told that if I lost it just get another and they would then using it's serial number synchronise to that so presumably it would be possible to have one device for multiple HSBC accounts provided each account knew the I'd of the device it was syncing to?

As the banks are currently liable for any fraudulent withdrawals from your account it's hardly surprising they're looking to increase security. Maybe the people who don't want hardware security devices might reconsider if they were liable for losses themselves.

Sharon87

I keep getting a pop up on online banking asking for my card reader, it's annoying me as I haven't got it yet! They've got 4 weeks to send it to me...

May use my Natwest account as my main bank now! Even that's annoying when wanting to transfer money!

Grade_A_Reject

hermante wrote: »

A smartphone app means that everyone needs to use the same phone and if you lose your phone you lose your banking too.

Thinking along these lines...

Most of the time I just want to see what's in my account and to be honest I don't care if a fraudster or whoever sees what's in my bank account. What I don't want them to be able to do is make transactions.

so..

If the banks allowed view only access using the current password options then adopted a system where any new transactions were authorised via a text message sent to the account holders registered mobile phone this would allow account aggregation software to carry on working as it's read only information and the text message code would display on any make/model of handset.

A fraudster would need the login details to the account and the account holder's phone to make withdrawals. Not entirely foolproof but a happy medium.

ahai1

I have tried a number of times and it is very easy once you get the hang of it.

kevcal_2

Just got mine - yeah it's easy to use, but a it'll be a pain to carry round with me all the time - I've been with midland/hsbc for 30 years and this will probably make me want to move bank (if the others aren't planning to introduce it as well..).

As has been said, sometimes I'm at work and need to transfer money and it's going to be such a pain. Also now I have something new to lose.

The other thing is weird, they still ask a security question.. so I have to type a pin into a special device, enter that code into the login page, followed by another question as well? Severe overkill in my opinion.

A 2 tier process should be created (as mentioned earlier) whereby the old method works for checking account balances and paying bills or transferring money to pre-setup accounts / payees (setup using the security key).

Devils-Advocate_3

JuicyJesus wrote: »

I'd rather have a small device on my keyring that means it takes a few more seconds to log on than run a higher risk of having my account emptied by criminals tbh.

This. The amount of people moaning on here because of a tiny inconvenience to getting into their online accounts is ridiculous. Stop whinging and deal with it.

'Oppose it'. :mad: NO! I'm grateful for the extra security to be honest.

tiggerjj

Barclays have a new thing, you need the card reader to log in and make transfers, but if you just want to check the account balance online then you can now do it without the card reader. Maybe HSBC will go down this route in the future.

I don't see how you can blame HSBC for finding the most secure way to access your account, they have to pay in the event of a fraud, some of you say you need immiediate access to your accounts while logging in with the card reader might be somewhat inconvient for you, not having access to your account for weeks as there was a fraud on your account will be a little more annoying i think

Malory

I just got mine and my only problem with it is that I wish it were a more convenient size, like the small device that my husband has for his HSBC business account.

I have to carry mine around with me to use at work and at home, because I frequently move money around betwen accounts. You need it to look at your accounts, not just for performing transactions.

I have stuck it on my key chain but I don't know if I am going to be able to squeeze it and all of my door keys (for home and office) into my pocket without smashing the buttons on the Secure Key and rendering it inoperable.

The business account device requires you press only one button to generate a number that you then type in the computer. You do not have to type anything into the device itself.

AceBats

Just got mine too. I don't mind the concept, but am very unhappy that the system allows you to convert to the new HSBC secure key using an iPad but then won't let you access the account. Other iPad users beware - I am told there is no way back so I am locked out of my UK and French accounts until I can find an Internet cafe. Is that really safer?

Rufff

Just crushed mine with a hammer and thrown it out.

Someone has been messing with it and locked it so its no longer useable. Will have to contact HSBC for a new one :mad: Just going to call them and tell them to close my account with immediate effect.

Why the heck couldn't they have made an app for this?! Activision do it for their video games for crying out loud, its not hard! - you'd think one of the biggest banks out there could have drawn up an app as well.

As for the person who argued that everyone will need to have the same phone, sorry but that's nonsense - the vast majority of phones in use today share common platforms like Andriod/iOS so its easy to make one app to work on many different mobile phones.