Chase - is my money safe

305_15

Deleted_User said:

jackiepanda said:

Stupid question but I’ve opening a Chase acc current and savings and planning to shift my Marcus savings into Chase. Feeling hesitant is it safe ?? Just can’t risk loosing any of my hard earned cash.

Why do you feel one large US Bank is safer than another large US Bank?
It's like thinking Lloyds is safer than Barclays. 

Originally posted 12th April. Thread was awakened with today’s posting. 

BTW Lloyds is safer than Barclays. 

The_Green_Hornet

vernall said:

Kansuwan said:

Yes safe, transfer a quid from Marcus to Chase to give yourself some confidence then transfer the rest but leave a tenner in Marcus.

I would leave £1

I would leave £0. Marcus will only mark your account as dormant if it hasn't been accessed for 15 years.

tebbins

305_15 said:

Deleted_User said:

jackiepanda said:

Stupid question but I’ve opening a Chase acc current and savings and planning to shift my Marcus savings into Chase. Feeling hesitant is it safe ?? Just can’t risk loosing any of my hard earned cash.

Why do you feel one large US Bank is safer than another large US Bank?
It's like thinking Lloyds is safer than Barclays. 

Originally posted 12th April. Thread was awakened with today’s posting. 

BTW Lloyds is safer than Barclays. 

What are you basing that on?

305_15

tebbins said:

305_15 said:

Deleted_User said:

jackiepanda said:

Stupid question but I’ve opening a Chase acc current and savings and planning to shift my Marcus savings into Chase. Feeling hesitant is it safe ?? Just can’t risk loosing any of my hard earned cash.

Why do you feel one large US Bank is safer than another large US Bank?
It's like thinking Lloyds is safer than Barclays. 

Originally posted 12th April. Thread was awakened with today’s posting. 

BTW Lloyds is safer than Barclays. 

What are you basing that on?

Scroll up and look when the OP was compiled, then all went quiet until today, hence the post was re-awakened. 

305_15

The_Green_Hornet said:

vernall said:

Kansuwan said:

Yes safe, transfer a quid from Marcus to Chase to give yourself some confidence then transfer the rest but leave a tenner in Marcus.

I would leave £1

I would leave £0. Marcus will only mark your account as dormant if it hasn't been accessed for 15 years.

Do you speak from experience? I don't know but how long has the Marcus account been available in the UK?
But what the hell, we're taking about a quid or a tenner!

Quolh

techwatcher said:

Quolh said:

I have a similar (but not identical) question. The Chase app is secured by either a 6 digit code or fingerprint.

Is that really enough security for savings of up to £250k (I wish!!!).

Have I missed something because that feels far too risky.

Like all security regimes it is a balance between security and usability and only you can decide whether Chase's arrangements are 'far too risky'.

As others have said, authentication on the Chase app is similar to other banking apps. Communications between the app and Chase's infrastructure will be secure. For an attacker to access your funds they would have to:

1. Have access to your device.
2. Authenticate to your device, which is presumably protected by a strong passcode, fingerprint or FaceID.
3. Obtain your 6 digit code for the Chase app.

In my view it's unlikely that an attacker would be able to access your funds but ultimately it's your decision as to whether you accept the risk. 

Ok, sure.

Just for comparison though, the NatWest app requires an 8-digit code - a little better. First Direct however allows a lengthy alphanumeric & special characters password. Maybe First Direct are going over the top but that is much more secure and I'm surprised at the simple nature of Chase's approach.

refluxer

Quolh said:

First Direct however allows a lengthy alphanumeric & special characters password. Maybe First Direct are going over the top but that is much more secure and I'm surprised at the simple nature of Chase's approach.

Don't forget that Chase is app-only though - having to enter a complicated password like that on a phone every time you open the app would be a massive PITA (much easier on a proper PC or laptop keyboard for banks that offer conventional online banking access).

Albermarle

Quolh said:

techwatcher said:

Quolh said:

I have a similar (but not identical) question. The Chase app is secured by either a 6 digit code or fingerprint.

Is that really enough security for savings of up to £250k (I wish!!!).

Have I missed something because that feels far too risky.

Like all security regimes it is a balance between security and usability and only you can decide whether Chase's arrangements are 'far too risky'.

As others have said, authentication on the Chase app is similar to other banking apps. Communications between the app and Chase's infrastructure will be secure. For an attacker to access your funds they would have to:

1. Have access to your device.
2. Authenticate to your device, which is presumably protected by a strong passcode, fingerprint or FaceID.
3. Obtain your 6 digit code for the Chase app.

In my view it's unlikely that an attacker would be able to access your funds but ultimately it's your decision as to whether you accept the risk. 

Ok, sure.

Just for comparison though, the NatWest app requires an 8-digit code - a little better. First Direct however allows a lengthy alphanumeric & special characters password. Maybe First Direct are going over the top but that is much more secure and I'm surprised at the simple nature of Chase's approach.

The First Direct app on my iphone just opens with Face ID . Although the original set up was quite complicated .

Wheres_My_Cashback

refluxer said:

Quolh said:

First Direct however allows a lengthy alphanumeric & special characters password. Maybe First Direct are going over the top but that is much more secure and I'm surprised at the simple nature of Chase's approach.

Don't forget that Chase is app-only though - having to enter a complicated password like that on a phone every time you open the app would be a massive PITA (much easier on a proper PC or laptop keyboard for banks that offer conventional online banking access).

Nothing different about Chase to most other banks when using apps

Lloyds 3 characters from password
Halifax 3 characters from password
Santander 5 digit pin
NatWest 6 digit pin
Tesco 5 digit pin
Virgin 6 digit pin
Barclays 5 digit pin
HSBC 6 digit pin
AL RAYAN 6 digit pin
Nationwide 3 digits from pin

FD will be going the way of HSBC soon and introducing a 6 digit pin as customers Do NOT like the current complicated format.

techwatcher

Quolh said:

techwatcher said:

Quolh said:

I have a similar (but not identical) question. The Chase app is secured by either a 6 digit code or fingerprint.

Is that really enough security for savings of up to £250k (I wish!!!).

Have I missed something because that feels far too risky.

Like all security regimes it is a balance between security and usability and only you can decide whether Chase's arrangements are 'far too risky'.

As others have said, authentication on the Chase app is similar to other banking apps. Communications between the app and Chase's infrastructure will be secure. For an attacker to access your funds they would have to:

1. Have access to your device.
2. Authenticate to your device, which is presumably protected by a strong passcode, fingerprint or FaceID.
3. Obtain your 6 digit code for the Chase app.

In my view it's unlikely that an attacker would be able to access your funds but ultimately it's your decision as to whether you accept the risk. 

Ok, sure.

Just for comparison though, the NatWest app requires an 8-digit code - a little better. First Direct however allows a lengthy alphanumeric & special characters password. Maybe First Direct are going over the top but that is much more secure and I'm surprised at the simple nature of Chase's approach.

Longer and/or complex passwords are more secure against guessing or brute-force attacks. However, that's not the most likely attack vector. The most likely attack vectors in these circumstances are probably shoulder-surfing or an attacker forcing you to reveal the code. In either case password length or complexity will make little difference.