Online banking security

ripplyuk

My bank offers an app for online banking which requires either a fingerprint or Face ID as security to login. The anytime banking website needs a password and pin. Since all it would take is the threat of violence for anyone to be willing to log in and transfer money, it seems very risky to me. I don’t use online banking for this reason. If anyone breaks into my house and threatens me, all I can do is get them £500 from an ATM, which is the maximum daily limit. If I was registered for online banking, the scammer could easily force me to transfer thousands, or the entire balance. 

Do any banks offer help or refunds in situations like this? Mine just says they will refund if I’ve kept my password and pin safe, which obviously won’t be the case in this situation. 

Nasqueron

This seems like a very extreme and unlikely chance that they'd break in and force you to open the phone and app and put in bank details to transfer money out (given the receiving account could be linked to a person). Why would criminals gamble on there being any money also? They want to get in and out quickly, they'd be more likely to steal the phone to sell than hope you had thousands sat in your account when you might be in an overdraft

Floyd_Pink

Frankie Boyle had an excellent solution to this....

Nebulous2

I inhabit a different world from yours. I had an incredulous reaction at work recently when I told them I used to very regularly pick up hitchhikers. I still occasionally get up in the morning to discover I forgot to lock the door overnight. 

I did get caught out recently when I broke my phone on holiday. It had all the details I needed for boarding passes to get home and all my banking apps. As an experiment in travelling light I had packed without my laptop, which would have been capable of dealing with most of it, but I bought a new phone and managed to get enough setup to get me home. 

ripplyuk

Nasqueron said:

This seems like a very extreme and unlikely chance that they'd break in and force you to open the phone and app and put in bank details to transfer money out (given the receiving account could be linked to a person). Why would criminals gamble on there being any money also? They want to get in and out quickly, they'd be more likely to steal the phone to sell than hope you had thousands sat in your account when you might be in an overdraft

The receiving account is generally overseas. 

This is not the typical opportunistic burglar finding an open window. It’s organised criminal gangs. I assume they target people/properties that look as though they are not in poverty but even a low bank balance would be worthwhile since it’s so easy for them to steal. 

wmb194

ripplyuk said:

Nasqueron said:

This seems like a very extreme and unlikely chance that they'd break in and force you to open the phone and app and put in bank details to transfer money out (given the receiving account could be linked to a person). Why would criminals gamble on there being any money also? They want to get in and out quickly, they'd be more likely to steal the phone to sell than hope you had thousands sat in your account when you might be in an overdraft

The receiving account is generally overseas. 

This is not the typical opportunistic burglar finding an open window. It’s organised criminal gangs. I assume they target people/properties that look as though they are not in poverty but even a low bank balance would be worthwhile since it’s so easy for them to steal. 

Do you have links to articles on this?

Middle_of_the_Road

ripplyuk said:

Nasqueron said:

This seems like a very extreme and unlikely chance that they'd break in and force you to open the phone and app and put in bank details to transfer money out (given the receiving account could be linked to a person). Why would criminals gamble on there being any money also? They want to get in and out quickly, they'd be more likely to steal the phone to sell than hope you had thousands sat in your account when you might be in an overdraft

The receiving account is generally overseas. 

This is not the typical opportunistic burglar finding an open window. It’s organised criminal gangs. I assume they target people/properties that look as though they are not in poverty but even a low bank balance would be worthwhile since it’s so easy for them to steal. 

In this scenario, I think money would be your last concern!

ripplyuk

wmb194 said:

ripplyuk said:

Nasqueron said:

This seems like a very extreme and unlikely chance that they'd break in and force you to open the phone and app and put in bank details to transfer money out (given the receiving account could be linked to a person). Why would criminals gamble on there being any money also? They want to get in and out quickly, they'd be more likely to steal the phone to sell than hope you had thousands sat in your account when you might be in an overdraft

The receiving account is generally overseas. 

This is not the typical opportunistic burglar finding an open window. It’s organised criminal gangs. I assume they target people/properties that look as though they are not in poverty but even a low bank balance would be worthwhile since it’s so easy for them to steal. 

Do you have links to articles on this?

Here’s one: https://www.thesun.co.uk/money/16313066/newcyber-crime-armed-criminals-victims-banking-apps/

It’s been widely reported in the last few years. I first read about it in Which? magazine. I’m a bit surprised that people here have never heard about it. 

Desmond_Hume

What if they don’t believe you’ve not signed up for internet banking and get violent anyway?

400ixl

Or just force you to do exactly the same thing over telephone banking which you most likely do have.

Why live in a world of paranoia and letting it drive your behaviour for things which have the smallest of likelihood of every coming true?

It would be very easy with fingerprint or PIN to get it wrong enough times very quickly to lock yourself out and make it very difficult to extract any money. Face lock not so easy.

grumbler

For some bank use a website, not an app. Clear your browsing history. Hide or destroy your bank card.

How will they know that your money is in this particular bank?