NSI security

Tax_Slave

I have two on-line accounts with NSI for my premium bond investments (Mine and wife).
Today I was trying to connect to both accounts and the password authorisation was failing on both accounts.
(I now know this was an issue with my laptop - Virus free having scanned it with two different main line products in addition to the installed product).
Anyway I have since accessed both accounts and all is well.
This however got me thinking ;
If someone was to gain access to the accounts could they cash in the bonds on-line , take payment into a bank account and walk away with up to £50K per account accessed ?
or do NSI have other security checks that blocks a transaction like this ?
For the moment I have locked out both of our accounts on purpose and will request password resets when I need to access the accounts again in a couple of years time when we may cash in the bonds.

bigfreddiel

I wouldn't bother locking out the accounts, if someone wants to nick your bonds and they're determined enough they will.

In fact no matter where it is if someone wants it enough it will be nicked.

You can lock stuff up as secure as you like and it can be nicked, just look at the Hatton zGarden heist a few months ago if you want proof.

Banks and businesses lose billions from cybercrime, but you'll never hear about it because no one wants to own up to these losses.

Cheers fj

ChiefGrasscutter

Yes:
You will find they ask some more of the additional security questions you set up initially when you make a withdrawal.
Also it will only be withdrawn to your registered bank account with them.
No idea of the procedure to change this bank account - but I expect again it will be more complex than simply changing the numbers on the screen and pressing submit.

RD69

If I recall correctly, NSI have an automated service that will 'phone you and read out a number when you request a large transfer.

You must then enter the number into their web site to complete the withdrawal.

RD69

Actually, they display a number on a web page, then phone you and you have to enter the displayed number into your phone via the keypad.

Which is a pain if you don't know how to get to the keypad when you answer your mobile.