HSBC phasing out theirText Banking Service

GeoffTF

Nasqueron said:

GeoffTF said:

penners324 said:

Doesn't the app issue notifications to advise your balance is too low?

Some people are not going to want the security risk of having the app on their phone.

SMS is less secure. Some people refuse to use digital citing security then expect paper statements which are even worse. Banking apps are incredibly secure, especially coupled with phone security like biometrics. As a reason not to use an app, security is very much low on the list.

The security of SMS is irrelevant if the information being sent is not sensitive. Many people do not care who knows the last five transactions on their bank account, but they do care if the account gets drained. There are plenty of reported cases of that happening as a result of people having banking apps on their phones. The risk is very small, but it is not zero.

penners324

GeoffTF said:

Nasqueron said:

GeoffTF said:

penners324 said:

Doesn't the app issue notifications to advise your balance is too low?

Some people are not going to want the security risk of having the app on their phone.

SMS is less secure. Some people refuse to use digital citing security then expect paper statements which are even worse. Banking apps are incredibly secure, especially coupled with phone security like biometrics. As a reason not to use an app, security is very much low on the list.

The security of SMS is irrelevant if the information being sent is not sensitive. Many people do not care who knows the last five transactions on their bank account, but they do care if the account gets drained. There are plenty of reported cases of that happening as a result of people having banking apps on their phones. The risk is very small, but it is not zero.

And that usually only happens when they lbe even very negligent