Am I The Only Person Who Doesn't Use Open Banking and Doesn't Want To Download Banking Apps?

Willing2Learn

I'm just scared to have open banking. And I would be scared to have a multitude of banking apps on my phone. It could be a security nightmare if the mobile got stolen or was lost...And I'm assuming that with open banking, you only require one password to access all your accounts. What if the password was compromised for any reason? Maybe I am just paranoid though...

colsten

PasturesNew wrote: »

Apps go onto a small, insecure, phone.
People take phones out of the house and they get dropped, fall out of pockets, get pickpocketed, get physically robbed for them.

Why'd anybody have direct access to their life's wealth on such an insecure thing?

My phone is a great deal safer than my purse and the cards in it. Even if I lost it, it would be utterly useless to whoever might find it. I do have more than one backup facility, too, so losing my phone won't stop me from accessing my accounts.

colsten

Willing2Learn wrote: »

I'm just scared to have open banking. And I would be scared to have a multitude of banking apps on my phone. It could be a security nightmare if the mobile got stolen or was lost...And I'm assuming that with open banking, you only require one password to access all your accounts. What if the password was compromised for any reason? Maybe I am just paranoid though...

I think you misunderstand what open banking does. It won't let you log into your accounts and transact on them. It just displays the balances.

I'd love to understand the security nightmare when you lose your phone. How do people even get past your phone lock?

Dird

schiff wrote: »

Tapping and swiping on a smart phone to deal with banking transactions

For initial setup I use computer but for payments to existing payees (e.g. sending money around for monthly pay in requirements) apps are really convenient.

UK banks should provide QR payment options like in other countries. You click a "pay me" button and then a QR code is generated that you can send to someone else...then if they read the QR code on their banks app it will automatically input your account & sort code, no risk of a typo

Willing2Learn

colsten wrote: »

I think you misunderstand what open banking does. It won't let you log into your accounts and transact on them. It just displays the balances.

I'd love to understand the security nightmare when you lose your phone. How do people even get past your phone lock?

I am just paranoid. But, having said that, if I do a google search on 'phone lock', there is multitude of videos instructing the user how to bypass a phone lock.

Missus_Hyde

I'm just scared to have open banking. And I would be scared to have a multitude of banking apps on my phone. It could be a security nightmare if the mobile got stolen or was lost...And I'm assuming that with open banking, you only require one password to access all your accounts. What if the password was compromised for any reason? Maybe I am just paranoid though...
Originally posted by Willing2Learn

colsten wrote: »

I think you misunderstand what open banking does. It won't let you log into your accounts and transact on them. It just displays the balances.

To begin with, I was totally against Open Banking, but I do love banking apps (and most modern technology) have apps for all our accounts possible and have also embraced Open Banking.

Sometimes it works better than others, but it only displays the balances, so it's still necessary to login to each account in order to do anything with them (as stated above.)

Tigsteroonie

I mistrust open banking.

I mistrust the security of my phone, and don't have any banking apps on there.

I'm proud of my tinfoil hat, thank you.

molerat

The biggest security threat to all forms of digital banking is the owner of the account !


I know a few people who will not embrace modern technology and happily walk around with hundreds of pounds cash in their pocket. I know someone else who needs to move some money from one bank account to another this week and is going to drive 20 miles each way to take cash out of one branch and walk along to the other to deposit it.

JustAnotherSaver

colsten wrote: »

I'd love to understand the security nightmare when you [have] your phone [stolen]. How do people even get past your phone lock?

Open your phone else i'll stick this knife in to you.


Thanks for letting me in




Unlikely but not impossible and depending what areas we're talking it could be reasonably likely.

xylophone

I know one of these up to date young chaps who has every app and gadget known to man - but when it came to paying off his mortgage, he insisted that a personal visit to the BS and a cheque was a sine qua non.......