Online banking security

Nasqueron

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. 

Organised criminal gangs who want to make money aren't going to go around breaking into random houses like the OP on the off chance the OP has 10 squillion quid in an easy access account. Also, the Sun has an "expert" who managed to lose £25k in a scam, some expert! 

flaneurs_lobster

Floyd_Pink said:

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

Link please.

drspa44

The scenario described is quite extreme. Perhaps a high-net-worth individual living in the middle of nowhere needs to be cautious of this sort of threat. If it is a mainstream bank, you might want to call them and ask if they have any features such as maximum transfer limits or max daily spend, which might provide peace of mind.

Keeping most of your money in fixed or notice savings accounts would also help.

booneruk

Keeping most of your money in fixed or notice savings accounts would also help.

This! Stashing a large amount of cash in your primary current account is a silly thing to do. Have your cash buffered by stowing it away in high interest paying accounts across different banking organisations (therefore multiple apps), especially those that need to link to a single nominated account.

I can imagine the hilarity of a masked goon forcing you to enter all apps and shuffle the dosh to your current account, waiting for the requisite transfer lead times before then transferring to an account they have access to.

There'd be time for a tea break.

grumbler

booneruk said:

Keeping most of your money in fixed or notice savings accounts would also help.

....
I can imagine the hilarity of a masked goon forcing you to enter all apps and shuffle the dosh to your current account, waiting for the requisite transfer lead times before then transferring to an account they have access to.

There'd be time for a tea break.

Well, like many other people I want to access my money (more or less) instantly and I have £90K in my Santander easy-access savings account paying 5.2% (plus more in Edge Saver). All transfers to and from these accounts are instant, although Santander are notorious for blocking biggish unusual transfers.

eskbanker

grumbler said:

Well, like many other people I want to access my money (more or less) instantly and I have £90K in my Santander easy-access savings account paying 5.2% (plus more in Edge Saver).

A side issue, and one you're probably aware of, but unlike many other people, you're apparently happy to leave more than the FSCS-protected limit within one bank (assuming you're not referring to joint holdings or temporary high balances)?

littleboo

ripplyuk said:

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. 

Whilst it clearly can happen, that's a typically very sensationalised Sun article, I wont be giving up my mobile banking

caprikid1

"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 once picked up a hitch hiker and he thanked me , then asked "Are you not worried I am a serial killer ?".

I replied to be honest the odds on there being two serial killers in the car is so low I am far from worried !.

grumbler

eskbanker said:

grumbler said:

Well, like many other people I want to access my money (more or less) instantly and I have £90K in my Santander easy-access savings account paying 5.2% (plus more in Edge Saver).

A side issue, and one you're probably aware of, but unlike many other people, you're apparently happy to leave more than the FSCS-protected limit within one bank (assuming you're not referring to joint holdings or temporary high balances)?

Thank you for a reminder. Yes, I'm aware and happy - unlike many other people.

born_again

ripplyuk said:

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. 

You might get lucky with a refund.

Had this sort of discussion quite a few times. 

But as a aside how did you manage before online banking & apps. When mugging was rife? Did anyone get a refund for being mugged from bank?