Santander online security

Snuggles

I've just opened a Santander 123 account with the intention of keeping £20,000 in it to benefit from the interest rate (I'm aware of the various conditions to be met to gain interest and cashback etc).

I've never had this sort of money of before so I'm very cautious about how I look after it. Having now received my online banking details I'm a bit concerned about the level of security. I normally bank with HSBC and First Direct, and they both use a code generator to access online banking and/or to set up new payees. Santander doesn't have this, just a password and security number which obviously only changes as often as you choose to change it. This seems a bit basic to me.

Would anyone else be concerned or am I over-thinking this? This is a lot of money to me, and I just want to make sure it's somewhere safe. It hasn't helped that a friend told me she's had money fraudulently taken out of her Santander account twice, although she did say they sorted it out very quickly.

TheTracker

Setting up payees requires a one time password sent through SMS so an attacker would also need your phone to do anything. Personally, I prefer this model. Security is only tight when it needs to be. By the way, first direct lets you login without a code generator but you have limited functionality, much like santanders first logon, so equivalent from a security POV. I don't have hsbc so can not comment. The model lloyds etc use with an auto phone call is ok, but slower and less useful in some environments, so I actually prefer santanders security to all other banks. Appropriate security is a balance of threat, impact, and usability.

Snuggles

TheTracker wrote: »

Setting up payees requires a one time password sent through SMS so an attacker would also need your phone to do anything. Personally, I prefer this model. Security is only tight when it needs to be. By the way, first direct lets you login without a code generator but you have limited functionality, much like santanders first logon, so equivalent from a security POV. I don't have hsbc so can not comment. The model lloyds etc use with an auto phone call is ok, but slower and less useful in some environments, so I actually prefer santanders security to all other banks. Appropriate security is a balance of threat, impact, and usability.

Ah thank you, I hadn't realised about the phone password for payees, that has put my mind at rest a bit!

Uxb

So make sure you guard your phone and put a keyboard lock on it!

Paul_1977

Relatives have had 25k and 50k in their accounts for years and never had any issues, you can lock the online account to read only if you are really worried.

molerat

I think the new on line accounts are double password protected as well whereas the old ones are simple user id, pin and picture. OTP can be a bit of a pain when setting up transfers to 6 accounts from 2 123s in the one user profile

joedenise

Paul_1977 wrote: »

Relatives have had 25k and 50k in their accounts for years and never had any issues, you can lock the online account to read only if you are really worried.

If it's a 123 account it's pointless to keep more than £20K in the account as you don't get interest above that.

Denise

Paul_1977

joedenise wrote: »

If it's a 123 account it's pointless to keep more than £20K in the account as you don't get interest above that.

Denise

I was speaking in terms of Santander online security. They don't have 123 accounts.

Archi_Bald

joedenise wrote: »

If it's a 123 account it's pointless to keep more than £20K in the account as you don't get interest above that.

Denise

Lots of people have more than one 123, from back when that was possible.