Co-op bank online security - secure?

td_007

To set up online banking with Co-op bank for current a/c, you need to call them and register various bits of information (memorable date/place of birth/first school etc.) to be used during the log in process. These details cannot be changed online and it seems that the phone advisors can see all this information on their screens...what is to prevent someone using all these details to simply log in to an accout? Wonder what security measures are in place at Co-op to stop this from happening?

Jammi

Indeed, I find it odd that the customer has to provide a 4 digit security code to the advisor.

However as Co-op use a card reader to authenticate transactions, even if a rogue advisor were to illegally access your account they wouldn't be able to set up any new payments.

Hominu

The website says that once you have logged into your account and received your card reader, you have to use that from then on, so I don't think it matters that much.

I do think it would be safer to just send you a card reader and use that from the beginning though really.

I_luv_cats

Hominu wrote: »

The website says that once you have logged into your account and received your card reader, you have to use that from then on, so I don't think it matters that much.

I do think it would be safer to just send you a card reader and use that from the beginning though really.

They have softened the use of the card reader. I haven't had to use mine for many months.

Perhaps because small amounts and regular payees.

bobblebob

Same goes for buying things over the phone. You give your card details and security number when ordering from a company , nothing stopping them using those details

td_007

Hominu wrote: »

The website says that once you have logged into your account and received your card reader, you have to use that from then on, so I don't think it matters that much.

I do think it would be safer to just send you a card reader and use that from the beginning though really.

I have just setup and made a transfer of £800 from Co-op to Halifax - no card reader, no addtional questions other than login details used. In short, a rogue call-centre worker can clean out your account :mad:

td_007

bobblebob wrote: »

Same goes for buying things over the phone. You give your card details and security number when ordering from a company , nothing stopping them using those details

There is a standard process for disputing and initiating a CC chargeback - a formal process for bank account fraud is not very clear!

Savvy_sewing

I have been with the Co-op and do online banking for the last 5 years without any problems. Except that sometimes some companies do not accept Electron cards. i.e. Tesco petrol pumps and Tesco on line. However they do accept it in store! and on the express checkouts?
But thats about the only problem I have had with them. All my other dealings have been fine.

amk515

FYI - from another thread that I posted on.

I sent the following email yesterday expressing concern in relation to the security & look of the online banking and also whether there was going to be any sort of mobile app (iPhone/iPad in particular) planned for the future, see below:

Hi,

I am just making a couple of enquiries in relation to the above subjects.

I have heard a rumour that your online banking is due for an overhaul in the future and was wondering if anyone can confirm this as it is currently very basic and also I am slightly uncomfortable knowing that employees are able to know my pin/security questions to my online banking.

Also, I am in the process of switching my account from Natwest to you and was wondering if you knew whether there has been any consideration of creating an iPhone/iPad app? The Natwest app works very well and is something I would love to see done with you as it does work very well and is very useful while out and about.

Thank you for taking the time to read my questions.

Kind Regards,
Andrew

Today, I received the following email:

Hello

Thanks for your email.

We're currently reviewing every area of the personal online banking service as we look to overhaul the system over the next 12 months. We are also currently in the process of developing an application for mobile banking however we don't yet have a date for its completion. You'll be informed about this closer to the time.

Thanks
Neil

embob74

As a co-op customer I am quite happy with the security of my account.
I set up my questions years ago and am asked a random one whenever I go online.
I also have a 4 digit code which is different to my PIN number. Whether I am online, in the bank or on the phone I am only ever asked for 2 of the 4 digits i.e. they will ask me what are the first and third digits on my code. Obviously the digits they ask for changes each time.
So as far as I'm aware no Co-op employee will ever know your full 4 digit code.

Gromitt

How do the digits change each time? As far as I'm aware, that PIN code is entered by the advisors themselves and not changed until you ring them up and ask.