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Banks preventing fraud

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I do not mean this as a "rant". I genuinely want to know the answer to this.


I have just spent half an hour going through the following to "verify" that I'm not trying to commit "fraud". My question is can anyone give a real life example of how it prevents "fraud" to do the following (please don't just say it is to prove I am who I say I am because that is proved by the magic numbers that I'm forced to enter to log in, the stupid card reader, and them sending yet another magic number to my phone). I specifically want to know how doing the following changed me from "trying to commit fraud" to "not trying to commit fraud". Or, if you like, if I didn't do the following, and could have logged in without it, how I could have committed fraud (I would point out that TSB always force you to enter your password when you do any transfers/payments/whatever, so it's nothing to do with internet cafes and me leaving it logged in and walking off in a daze). I did ask the person on the phone but they didn't seem to know either. Anyhow here it is:


  • I try to log in to TSB bank and it says "we need to ask some questions to prevent fraud, phone this number".
  • I phone, and they ask me the same magic numbers I entered to log in plus my name and address plus (1) who my internet is with, (2) who my credit card is with and (3) the date I opened another bank account at another bank. They specifically told me those questions are from the scammers at the credit reference companies.
  • And lo, I'm suddenly "not trying to commit fraud" and can log in.


As I say, can anyone explain specifically how answering those questions proves that I'm not trying to commit some huge bank fraud? (Please don't just say "it proves who I am" or "it prevents fraud", because it doesn't, and all the other magic number nonsense does that anyway). I'm really interested to know what possible "fraud" all this nonsense prevents.
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Comments

  • EssexExile
    EssexExile Posts: 6,454 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    I assume they are worried that someone has got hold of your details & logged in to your account. So they ask random questions in the hope that a fraudster wouldn't know the answers to all of them.
    Tall, dark & handsome. Well two out of three ain't bad.
  • If someone else had access to your phone, the "magic numbers" wouldn't prove anything, so they ask a few security questions.


    The fraud would be what could happen if someone else was able to log into your account.


    I've never had to phone them though, do you delete cookies after each session?
  • Yes but, as I say, what could the 'fraudster' do? They can't even log in (because I couldn't even log in). I fail to see how knowing who my internet is with prevents fraud. I don't think anyone actually knows. But I bet someone somewhere is making money out of it (the scammers at the credit reference agency probably charged to ask those questions for example).
  • The "security questions" are the magic numbers that I'm referring to. I fail to see how cookies would prove I'm not trying to commit "fraud".
  • If someone else had access to your phone, the "magic numbers" wouldn't prove anything, so they ask a few security questions.


    You could carry this on ad infinitum. If someone else had access to my computer, or the paper with the magic numbers on it, or or or...


    I guess I'm the only one who thinks that all this so called security is ridiculous.


    Why not make card readers with solar panels (like solar powered calculators), and that can read any card (like an atm can). That way, everyone would only need one card reader ever. Instead millions of the damned things are produced every year, and thrown in to landfill sites to poison them, all so some greedy so and so can have a continous stream of money from making them. The same thing happened with smart meters (yet another pointless gadget). Why is everyone so obsessed with computerised trash?
  • ColdIron
    ColdIron Posts: 9,820 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    h3456671 wrote: »
    But I bet someone somewhere is making money out of it (the scammers at the credit reference agency probably charged to ask those questions for example).
    I think you've taken a giant leap beyond a rant into tin foil hat territory

    If you believe that the CRAs are operated in full or in part by scammers I doubt any reasonable explanation will satisfy you. Have you considered that it may be the Russians? :D
  • ColdIron
    ColdIron Posts: 9,820 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    You present a well thought out and lucid riposte, must have taken you ... seconds ;)

    In conclusion, the reasons for the actions of the bank are:
    1. It proves who you are and
    2. It prevents fraud
  • badger09
    badger09 Posts: 11,575 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    ColdIron wrote: »
    You present a well thought out and lucid riposte, must have taken you ... seconds ;)

    In conclusion, the reasons for the actions of the bank are:
    1. It proves who you are and
    2. It prevents fraud

    I rarely do so, but have just used the button :exclamati
  • ColdIron
    ColdIron Posts: 9,820 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    I'm waiting to see if OP ups the ante to Trump or goes full New World Order and even lizards :)
  • karlie88
    karlie88 Posts: 9,114 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Are you sure you phoned TSB?
    :grouphug: :D Official MSE canny forumite and HUKD VIP badge member :D :grouphug:
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