Push towards banking apps

AmityNeon

I dislike how convenience has compromised security.

For a locked phone secured by facial recognition and a different PIN used for the Barclays app, to still be drained of over £22K, only for you to be blamed for negligence after being a victim of crime and having to fight for your money back?

Where are the investigative details? What is happening exactly in these cases where no social engineering is involved? It’s abhorrent conduct for a bank to wash their hands of it and only refund when backed into a corner, and even then, the rest of us are none the wiser, only hoping the same doesn’t happen to us.

If the only other protective measure is to use a second device that doesn’t leave the home, I’m not surprised some people don’t trust mobile banking. A separate folder unlocked with a different password is definitely good practice, but it’s not a standard feature across all devices, and certainly not expected by banks who believe in their infallibility because they’re unable to conceive scenarios beyond rigid procedure. Fraud happens because criminals think outside the box; the only difference between ingenuity and fraud is ethics.

If I had the choice, I would choose facial recognition and fingerprint recognition and a custom password (not just a short numerical PIN) AND a OTP generated by a secure method (such as a card reader). There is nothing wrong with providing additional options for security; allow customers to inconvenience themselves if they so desire.

Texting OTPs via SMS to the same device being used to access the app is like a security guard handing over the keys to anyone who wants to enter a building, ‘by all means go on through!’.

km1500

Nationwide require all new payees to be authorised by card reader - that is why I use them rather than eg Lloyds who OTP to the device the app is on to authorise a new payee.

For me, yes a fraudster getting access to the phone then the app is one thing - but if they can't add a new payee they can't drain your funds to themselves. If you do one thing - check your procedure for adding new payees.

km1500

Makes you really keen to open a Kroo account (app only), put 85k in it!

James

Banking APP equals liability shift onto the consumer so it seems.

Reminiscent of Chip & PIN when it first came in.  Victims were accused of first party fraud.  Eventually  the then Banking Code was changed to the card issuer had to PROVE you'd been negligent with your PIN.

BANK APP user beware.

KxMx

I don't use banking apps on my smartphone, I prefer instead to use them on my tablet which very rarely leaves my home. 
HSBC isn't fully configured for tablets which means sometimes the activity alerts don't happen, I can live with that, Starling is pretty flawless. 

macy08

km1500 said:

Exactly right. I can only assume the person used the same pin for banking app as for eg unlocking phone and was shoulder-surfed

Adding a new payee - well some banks send a OTC so if they had the phone they could get that.

Edit: if you have a Samsung Galaxy S series phone I would recommend installing your banking apps in the secure folder and use a unique PIN to open that folder

Do you still get the notifications when the app is in the secure folder?

km1500

yes as long as you go to settings when in the secure folder and allow secure folder notifications to be shown

All my banking apps are in the secure folder and I get all their push notifications

ccluedo

km1500 said:

yes as long as you go to settings when in the secure folder and allow secure folder notifications to be shown

All my banking apps are in the secure folder and I get all their push notifications

I would also recommend that you change the app name to something a bit less obvious than secure folder.
I prefer to use the Samsung one but there are other secure folder apps available for others. 

TimSynths

My second-hand iPhone 7 is still going strong (can be had for about £110 on music magpie). Ive never had an issue with any financial apps I run on it-

Lloyds
Revolut
Monzo
Starling
Capital One
Paypal
Barcalycard
Coinbase
Sprive

All ruin fine. Tempted to get a Marcus account just to see if it will cope. Ive never seen the need to get a new phone, im sure there maybe some great features on an iPhone14 and im sure I'll find out in 2030 when I get round to getting one for £110.

I believe the bank apps are more secure than the online version if you are out and about using WiFi. One way to secure your phone is to add a pin to the sim card so if it is stolen it will stop the thief putting your sim into a new phone and downloading the banking apps and gaining access that way.

flaneurs_lobster

km1500 said:

flaneurs_lobster said:

km1500 said:

Edit: if you have a Samsung Galaxy S series phone I would recommend installing your banking apps in the secure folder and use a unique PIN to open that folder

Very good idea, not just S, my A52 has the same feature. Setting it up now.

Barclays is the only bank I found that used to not support secure folder but that may have changed now

Now realise that apps that are moved to the secure folder have to be set up from scratch (they are not simply copies of the unsecured icons). Makes sense TBH, but does take a fair bit of time. I failed to take notice of the advice about Barclays app not working from within a secure folder and can confirm it's still true.

Begs the question - WHY?