New "pin" readers for internet banking

Primrose

Can anybody tell me which banks are participating in the new "pin" reader scheme for internet banking? We've just received ours from Barclays where we have a current account but also access it via the internet where it will be needed for setting up payments to new recipients. I'm wondering whether institutions like Egg, Cahoot, ICESAVE, etc. will also be issuing them to their customers because it seems that if you have several different savings accounts with internet banks, you might need several different card readers?? I'm confused. Can an expert please enlighten me?

purch

I have one for my NatWest account and I activated it's use straight away, even though the scheme isn't compulsory for a few weeks

It's another level of security and that can't be bad

gt94sss2

I believe all the main banks (RBS, Barclays, Lloyds, Halifax, Nationwide, A&L etc) in the UK have stated they will be introducing card-readers with the exception of HSBC and Abbey.

It seems Abbey haven't made up their mind yet but HSBC have stated that they believe the system is insecure and they believe customers dont want to carry such things - so are looking at other ways of increasing security instead.

This article from a few months ago says what the main banks all had planned then.

I think some/most follow a APACS industry standard design so the systems may be compatible with each other..

Regards
Sunil

pcc_3

This scheme is a complete waste of time and money. It does nothing to stop phishing, as the phishers will easily be able to get customer pins simply by passing through requests to the bank website in real time. It also makes things a pain for customers of multiple banks. Nevertheless it makes ignorant people feel secure and I think this is the bank's main goal. IMHO people with an IQ higher than 120 should be able to opt out of this scheme, as most people of this intelligence can easily recognise a phishing site.

Geoffo_M

Primrose wrote: »

Can anybody tell me which banks are participating in the new "pin" reader scheme for internet banking? We've just received ours from Barclays where we have a current account but also access it via the internet where it will be needed for setting up payments to new recipients. I'm wondering whether institutions like Egg, Cahoot, ICESAVE, etc. will also be issuing them to their customers because it seems that if you have several different savings accounts with internet banks, you might need several different card readers?? I'm confused. Can an expert please enlighten me?

Cahoot have had a web card for years. I didn't think Icesave is a bank with current accounts and credit cards (I might be wrong there)

beingjdc

purch wrote: »

I have one for my NatWest account and I activated it's use straight away, even though the scheme isn't compulsory for a few weeks

It's another level of security and that can't be bad

I'm avoiding activating mine. The whole point of internet banking for me is that I can do it at home, the office, my family's house, etc...

nilrem_2

pcc wrote: »

This scheme is a complete waste of time and money. It does nothing to stop phishing, as the phishers will easily be able to get customer pins simply by passing through requests to the bank website in real time. It also makes things a pain for customers of multiple banks. Nevertheless it makes ignorant people feel secure and I think this is the bank's main goal. IMHO people with an IQ higher than 120 should be able to opt out of this scheme, as most people of this intelligence can easily recognise a phishing site.

I don't agree TBH, IMHO any extra thing that the banks introduce to make peoples money just a little bit more secure is worth having, even if the customer does not lose directly in many cases the bank does and their costs are passed on to the customers.

As regards phishing of course it is a problem and apart from educating people of it's dangers and reporting the links I don't really see what the banks can do about it, it's not a new thing, it's happened for years in other guises such as letters, phone calls, advertisements in papers and telephone calls.

Most of the people who frequent this forum will be aware of the phishing problem but a lot of online bank customers who are not 100% net savy who receive a phishing email that has their bank's logo all over it will not realise that it isn't genuine, IMHO any extra device or gadget that helps fight fraud or just makes people aware of it is worth having.