Online banking using two-step authentication

grumbler

securityguy wrote: »

So a few banks have made two-factor compulsory,

Why 'a few' when in fact it's 'most'? - Unless a verification code sent to a phone doesn't count for a 'second factor'.

ChiefGrasscutter

ryan121 wrote: »

From what I know halifax just uses a username and password! :eek:

Nope
They use
1. Username
2. Password

Then
3. A selection of random digits from a memorable word/phrase

grumbler

Apparently this doesn't count for "two-factor".
However, for important actions they also call you and ask to enter the the authentication code displayed on the screen.

EarthBoy

Nationwide doesn't use any authentication at all on its app for the impulse saver and view balance options. You just open the app and it's there. You do have to login with your security details when you first download the app, so it can only be used on your own phone, and you can only transfer money to another Nationwide account. You have to login fully with characters from your pass number if you want to do anything else.

diamonds

Really if its too hard for someone to receive a text message when logging in and to then input that into online banking step two/three as a security measure, they deserve to be forced to use branch only banking and charged for it.

securityguy

diamonds wrote: »

Really if its too hard for someone to receive a text message when logging in and to then input that into online banking step two/three as a security measure, they deserve to be forced to use branch only banking and charged for it.

The usual bad faith objection, made from people who have mobile phones, is "what about people who don't have mobile phones?"

securityguy

ChiefGrasscutter wrote: »

For your amusement on how MSE posters REALLY view increased bank security

Barclays introduces the card reader in 2007
6 pages of moans
https://forums.moneysavingexpert.com/discussion/570546

HSBC introduces a dongle in 2011
another 4 pages of moans
https://forums.moneysavingexpert.com/discussion/3296224

Indeed. It does show the general problem the banks have: whinging customers who want security without being willing to actually have security, coupled to ludicrous claims of how hard things are to use.

ryan121

According to ofcom 93% of the UK population has a mobile phone. As I said in another thread without two factor authentication if someone gets your login details they can transfer every penny out of your account in less than a minute.

Mattygroves2

diamonds wrote: »

Really if its too hard for someone to receive a text message when logging in and to then input that into online banking step two/three as a security measure, they deserve to be forced to use branch only banking and charged for it.

I have no problem with the card readers but areas with bad mobile signal do exist. You would be stuffed in a fair part of Wales if you had to rely on texts.

martin2345uk

I was pleased when HSBC updated their mobile app to allow you to log on using fingerprint I'd if your phone supports it.

Don't know why all the other banks aren't following suit!