How many banking apps have you on your phone

badger09

colsten wrote: »

The lot of them

The Co-op app isn’t very sexy this morning. ‘Temporarily unavailable’

cloud_dog

Am I the only one who sees words like 'easy access', 'simplicity in accessing' (sic) the accounts as another way of indicating increased risk?

Also, if the access is locked down to fingerprint or retina scan doesn't that remove the ability for a defrauded account holder to argue that it really wasn't them?

eDicky

I count eighteen financial apps on my phone, can do virtually everything money related without need for a computer, and no longer carry one for travel.

As long as the phone itself is properly secured there seems to be much less chance of fraudulent activity than with online computer access. At least, I've never yet heard of bank accounts being hacked through phone apps...

colsten

cloud_dog wrote: »

Am I the only one who sees words like 'easy access', 'simplicity in accessing' (sic) the accounts as another way of indicating increased risk?

Increased risk - in what way(s)?

cloud_dog wrote: »

Also, if the access is locked down to fingerprint or retina scan doesn't that remove the ability for a defrauded account holder to argue that it really wasn't them?

Sounds like a reduction of risk to me, albeit a reduction for the bank, and only indirectly a reduction of risk for bank customers

eskbanker

badger09 wrote: »

The Co-op app isn’t very sexy this morning. ‘Temporarily unavailable’

"Sorry, I'm just not in the mood, I have a headache...."

cloud_dog

colsten wrote: »

Increased risk - in what way(s)?

Sounds like a reduction of risk to me, albeit a reduction for the bank, and only indirectly a reduction of risk for bank customers

I think we also need to consider the increased risk to the customer of being unable to argue that they have been defrauded.

There have been instances of phones being stolen, fingers used, or people passed out and a scan taken (no stats as yet so take it for what it is worth at the moment). All fraud is relatively rare and and phone banking fraud relatively minuscule in comparison but, I would expect it to increase simply as usage increases. One thing we can all depend upon is that 'bad people' will always adjust their methods to suit the scenario and overcome any obstacle (or at least try). My only concern would be whether this change (to app use on a personal mobile phone, utilising personal biometrics, where applicable) simply removes or greatly reduces the ability for the customer to argue fraud.

EDIT: My reason for not having a banking app on my mobile is simply due to not ever having needed to 'do banking' whilst I'm away. Perhaps if I were travelling for 3 months I might reconsider.

badger09

eskbanker wrote: »

"Sorry, I'm just not in the mood, I have a headache...."

Well, the headache seems to have improved, but now its just really really tired:p

colsten

cloud_dog wrote: »

EDIT: My reason for not having a banking app on my mobile is simply due to not ever having needed to 'do banking' whilst I'm away. Perhaps if I were travelling for 3 months I might reconsider.

I use my mobile at home, probably more than I use it when out and about.

cloud_dog wrote: »

I think we also need to consider the increased risk to the customer of being unable to argue that they have been defrauded.

I think that is predominantly good news. But obviously, if someone believes that they will be forced or abused to give access to their mobile, they shouldn't be carrying mobiles with information they don't want to share.

cloud_dog

colsten wrote: »

I think that is predominantly good news. But obviously, if someone believes that they will be forced or abused to give access to their mobile, they shouldn't be carrying mobiles with information they don't want to share.

Unfortunately, I don't think many of us have those crystal balls and certainly I'm not aware of a portable version of said crystal ball.

colsten

cloud_dog wrote: »

Unfortunately, I don't think many of us have those crystal balls and certainly I'm not aware of a portable version of said crystal ball.

You don't need a crystal ball. You either believe you are at risk (intermittently or permanently), or you don't believe it.

I think there's a good chance we've talked this one to death now.