Hsbc new secure key - i hate it !!!

MPH80

grizzly1911 wrote: »

Easy - make it a form to be signed and independently witnessed and posted back before they activate Internet Banking for you.
Could be attached to the set up documentation sent anyway.

I am sure there would still be complaints, there always is, but it would a least give the Banks a shield if they so wanted.

Me - I would prefer to have the option of a device but I can understand the Luddites CBA attitude.

I, personally, agree with you re: the devices. I actually prefer the way Nationwide currently do it - they'll let you login without using their calculator - but if you want to do a payment - you're forced through an auth screen using the device.

So it's no good to a man-in-the-middle attack as they have to get me to put the card in, follow the instructions for making the payment to them etc and it's still useless to a keylogger.

As for the shield - yes - it'd help and I've contemplated suggesting similar in the past - but I think the banks would eventually be accused of not doing enough to help the victims of fraud or some such and be forced (through public pressure) to pay out anyway.

Better to force some additional hoops on the customer and get complaints that way than expose yourself to potential fraud risk.

I think in a few years we won't remember banking online without this additional security.

M.

CopperPlate_2

As a first direct customer, of which HSBC is the parent company, I also read with interest that FD were contemplating some form of 'two factor authentication' (as Secure Key is). Link to the Telegraph report on the outcry by FaceBook users:

http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/8725302/Facebook-campaign-by-angry-HSBC-customers-over-new-online-security-key.html

HSBC customers who consider moving to its subsidiary First Direct to escape the key may not get off scot free either. A spokesman said the bank was "looking at 'two-factor' authentication". She added: "We don't yet know what this will look like for First Direct and there is no date for its introduction at present."

Something we will all have to get used to in the future I suppose...

ChiefGrasscutter

MPH80 wrote: »

And you can then wait about 5 seconds for the first post on here:

"I didn't read what I signed ... and it's not my fault I clicked on that link the email ... and I just didn't like the device ... they are stealing my money ... it's such a scam ... so they should definitely give me my money back".

You are so right on that one.
I suspect we on MSE would be horrified if the banks did actually reveal the huge number of fraudulent actions/attempts that they are fending off on a daily basis. I reckon it's far higher than our worst estimates.

grizzly1911

ChiefGrasscutter wrote: »

I suspect we on MSE would be horrified if the banks did actually reveal the huge number of fraudulent actions/attempts that they are fending off on a daily basis. I reckon it's far higher than our worst estimates.

I totally agree with this point, hence the reason they are trying to protect themselves and in turn us.

At the end of the day we will only pick up the cost somewhere if fraud is not controlled.

Perhaps making you pay a premium for a "token " free service might concentrate minds? A bit like insurance if you want a riskier car.

Jb005

Just thought I'd chip in on this thread and agree with OP that this bit of plastic thing is awkward as hell. However I do understand that they will improve security somehow. Its not for me to comment on how they should operate their security, because I want to use internet banking and not have to fork out if my account gets hacked/cracked. Having said that, there may be a decrease in fraudulent activity, but probably because idiots that open emails and click links etc aren't exposing themselves so much. Installing Common Sense 2012 should be enough.

I can't believe this is supposed to fit on your keyring or in your wallet. I don't have room for it. Perhaps I should buy a bigger wallet and looser jeans because of HSBC.

I have been using Natwest online banking since 2002 but since they required a card-reader I have found myself using HSBC as my main account. Not through conscious decision - I still have my Natwest account - but because the number of times I found myself needing the card-reader when I didn't have it, I ended up needing to use HSBC to make online payments, and so that gradually became my primary bank account. I knew this thing would be a problem as soon as I read about it on their website, so I left it until the last minute. And today for some possibly unrelated reason I cannot transfer money out of HSBC. I can see it happening again, I'm not throwing a fit about HSBC but its going to become a problem if I need this plastic thing everytime I have to log in.

davidjwest

HSBC was losing millions due to fraud which is why they implemented this. In time all banks will use something similar, or go out of business.

Beachhut45

I fully accept the need for robust security for transactions and the various techies' comments and welcome the introduction of extra levels of security BUT:
1) The shape and size of the device is totally impractical for many people to carry around. For my HSBC business bank account I have a much smaller and better shaped number generating device. It is easy to carry around and because of its shape seems to be far more robust. Is there any reason why HSBC believe that what's good enough for its business bankers is not good enough for its personal customers?
2) Why is it necessary to have the same security level to simply view the account as it is to make transactions?

Heartbreaker

Sorry for bumping this thread but I just wanted to say that I also hate it.

It use to be so convenient before to quickly check my account on my phone when I was just about to go to bed (I might be worried about my account and think I'd double check it and then I could get to sleep). Or any other such time I'd quickly check it to make sure something was paid or make sure I was in credit before spending on something. This piece of plastic that HSBC has sent me is not always on me - in fact it is never on me and is usually in my bag. I know people might think that it only takes a couple of seconds to go through your bag but it's just not as convenient as just logging on the internet to check your details. I think that the bank should give an option of whether I want to opt in or out of this scheme.

le_loup

Heartbreaker wrote: »

I think that the bank should give an option of whether I want to opt in or out of this scheme.

Ask them nicely and I'm sure they would. However, they will probably make you responsible for any fraud on your account. Good idea.

meow5678

I've never given it more than a seconds thought, it fits neatly into one of the card slots in my purse and I happily take it out to use daily, it takes less than 10 seconds for me to generate the number and get logged on.
The more secure the better, I feel.