Which bank has the most secure Current account for transactions?

caring

Which High street banks have the most secure Current Account Online banking system using a laptop? Not interested in putting a banking app on my phone, but do feel comfortable to do transactions on a computer. 

 OTP is a security measure but some banks do not use it after the initial transaction if the same device is used, even though you haven't saved the password on your computer. 

Interested in other peoples opinion  if bank cards with an small upper contactless limit safer than physical debit cards.


 

grumbler

caring said:

 OTP is a security measure but some banks do not use it after the initial transaction if the same device is used, even though you haven't saved the password on your computer. 

 

I  think all use OTP for a new payee. Just keep deleting all your payees and  you'll get OTP for each transfer.

Section62

caring said:

Which High street banks have the most secure Current Account Online banking system using a laptop? Not interested in putting a banking app on my phone, but do feel comfortable to do transactions on a computer. 

 OTP is a security measure but some banks do not use it after the initial transaction if the same device is used, even though you haven't saved the password on your computer. 

Nationwide are a bit of an outlier in needing a card reader to be used to set up new payees... even if the card reader has literally just been used to log in to online banking.  The card reader is also needed to change the reference field on a saved payee.

Although many members feel the card reader is hassle, it could be used to make sure nobody else can make an online payment from the account, and the 'initial transaction' point you make could be got around by not saving (/deleting) the payee so it has to be set up (with the card reader) each time.  Bear in mind though that making a new payee carries the risk of making an error and sending the money to the wrong account... so on balance it may be safer to keep the payee saved once set up and verified to be correct.

However, there's also a good chance Nationwide will scrap the card reader in the near future.  It doesn't really fit with their intended image of being trendy and modern, and their apparent target demographic (under-30's) seem to find the reader archaic - so I fully expect it to be replaced by an App solution sometime soon.

Barkin

caring said:

 OTP is a security measure but some banks do not use it after the initial transaction if the same device is used

With my main bank, Lloyds, this is a user option. 
After logging in using a OTP, there's a tick box for "skip this step in future, on this device". 
Leave that unchecked and a OTP is used every time. 

lr1277

Some thoughts:

A few posters on these boards say OTP is one of the least secure security measures. In about 2018, Metro Bank allowed the mobile number of a customer to be changed by a fraudster. This could apply to any bank depending on their telephone procedures. Once the mobile number was changed, the customer found it difficult to do any banking and if memory serves, get the number changed back. Use at your own risk.
How do you feel about a code generator needed to login to a site? I have an account with FD, and when my old code generator died I could have got another one, but FD said it would take a few weeks to arrive. In the meantime would I like to try their app? Which I did and haven’t gone back to a code generator. If you choose to open an account with FD, I suspect you would initially have to use the app. Whether FD would then let you switch to a code generator I do not know.
The third security measure is voice recognition. This is being increasingly used by banks. My mum found this feature useful with one of her banks when she had forgotten some of the security details. However there might be an issue with AI systems ability to reproduce a voice after hearing only a few words apparently. This was reported by The Economist in 2017. FD have this is a feature and I asked them to turn it off for me.
I said I use FD app. This is both to logon to banking and to generate the code required to logon to the website. My understanding is that the app meets 2 security requirements: something I have and something I know as I need to enter the password to use the app. Setting up the app was difficult but the FD CS talked me through it.
Hope that helps.

km1500

HSBC also use code generation - it does mean you have to install the app on your phone but you don't have to use the app for actual banking just to generate logon and transaction codes

at the moment you don't actually have to use the app you can get HSBC to send you a physical secure key which does the same thing. if you decide to open an account with them or indeed first direct ask them if they can provide you with one tell them you don't have a smartphone


this is probably the most secure way of doing things

lr1277

With FD and I presume HSBC, you can only use one of the app or the code generator to access the account. If you want to switch over the one you always use to access your account, you need to speak to CS.

caring

Thank you everyone. The code generator sounds safer.