Latest online banking advice November 2024

gadget88

So the advice I have seen on here and BBC is have a second bank account and bbc also say keep any savings accounts at home on an IPad or spare phone. 

If your money is taken what’s the latest advice if say you had a password for your banking app written down in a note would they refuse to refund if somebody accesses your online banking? 

A second bank account seems required as a few on here had accounts shut down. In my own case my Apple Pay was disabled. Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Anybody got any more banking advice? Many banks offer cashback now too sadly it seems to be for a limited time I wonder if they will role it out more widely? 

eskbanker

gadget88 said:

If your money is taken what’s the latest advice if say you had a password for your banking app written down in a note would they refuse to refund if somebody accesses your online banking? 

Leaving confidential data in any form that facilitates its disclosure will increase the chances of the account holder being held responsible for any security breach.

gadget88 said:

Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Not convinced that there's anything other than anecdotal 'evidence' of that?

Edit: see later post below, referring to reliable PSR analysis.

gadget88 said:

Many banks offer cashback now too sadly it seems to be for a limited time I wonder if they will role it out more widely? 

Why would it be rolled out more widely?  It's typically something that might be offered by challenger outfits trying to build market share but is highly unlikely to be a wider trend IMHO....

born_again

Make sure you have both a Visa & Mastercard card in case their systems go down.

Having more than one account is a back up in case you have issues with either bank (can be banks systems) or your card.

gadget88

eskbanker said:

gadget88 said:

If your money is taken what’s the latest advice if say you had a password for your banking app written down in a note would they refuse to refund if somebody accesses your online banking? 

Leaving confidential data in any form that facilitates its disclosure will increase the chances of the account holder being held responsible for any security breach.

gadget88 said:

Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Not convinced that there's anything other than anecdotal 'evidence' of that?

gadget88 said:

Many banks offer cashback now too sadly it seems to be for a limited time I wonder if they will role it out more widely? 

Why would it be rolled out more widely?  It's typically something that might be offered by challenger outfits trying to build market share but is highly unlikely to be a wider trend IMHO....

Ok so what’s the general view of someone transfers money out your bank? BBC article I read Barclays paid back online bank someone lost about 80 grand. I think it was as simple as somebody leaving phone on a pub table and the person added a new Face ID. I had my phone stolen luckily they never got to the banking but I did leave passwords on a note. I now leave that app at home. 

eskbanker

gadget88 said:

Ok so what’s the general view of someone transfers money out your bank? BBC article I read Barclays paid back online bank someone lost about 80 grand. I think it was as simple as somebody leaving phone on a pub table and the person added a new Face ID. I had my phone stolen luckily they never got to the banking but I did leave passwords on a note. I now leave that app at home. 

Not sure there's a general view, in that resolutions will be case-specific, but banks are obliged to reimburse unauthorised transactions with certain defined exceptions:

Your bank can only refuse to refund an unauthorised payment if:

• it can prove you authorised the payment
• it can prove you acted fraudulently
• it can prove you deliberately, or with 'gross negligence', failed to protect the details of your card, PIN or password in a way that allowed the payment
• you only told your bank about the unauthorised payment 13 months (or more) after the date it left your account 

https://www.fca.org.uk/consumers/unauthorised-payments-account

However, that's still very much open to interpretation based on the specific circumstances of any given case....

Middle_of_the_Road

eskbanker said:

gadget88 said:

Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Not convinced that there's anything other than anecdotal 'evidence' of that?

Watched this yesterday. Of the main high street banks Barclays were the worst for fraud. However Revolut had twice as many complaints. They don't have a full banking license yet, but that might change.

https://www.bbc.co.uk/iplayer/episode/m00226h0/panorama-britains-newest-bank-how-safe-is-your-money

Very difficult to get Revolut to refund if you're a victim of fraud.

https://www.bbc.com/news/articles/cj6epzxdd77o

eskbanker

Middle_of_the_Road said:

eskbanker said:

gadget88 said:

Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Not convinced that there's anything other than anecdotal 'evidence' of that?

Watched this yesterday. Of the main high street banks Barclays were the worst for fraud. However Revolut had twice as many complaints. They don't have a full banking license yet, but that might change.

https://www.bbc.co.uk/iplayer/episode/m00226h0/panorama-britains-newest-bank-how-safe-is-your-money

Ah right, I hadn't realised that OP was referring to a specific recent TV programme - a quick scan of that does cross-refer to some analysis by the Payment Systems Regulator, which published firm-specific reimbursement rates, and these do indeed endorse such rates being lower for the smaller players, so I take that comment back:

However, this doesn't align with your comment about Barclays being "worst for fraud", which metric are you referring to for that?

Middle_of_the_Road

eskbanker said:

Middle_of_the_Road said:

eskbanker said:

gadget88 said:

Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Not convinced that there's anything other than anecdotal 'evidence' of that?

Watched this yesterday. Of the main high street banks Barclays were the worst for fraud. However Revolut had twice as many complaints. They don't have a full banking license yet, but that might change.

https://www.bbc.co.uk/iplayer/episode/m00226h0/panorama-britains-newest-bank-how-safe-is-your-money

Ah right, I hadn't realised that OP was referring to a specific recent TV programme - a quick scan of that does cross-refer to some analysis by the Payment Systems Regulator, which published firm-specific reimbursement rates, and these do indeed endorse such rates being lower for the smaller players, so I take that comment back:

However, this doesn't align with your comment about Barclays being "worst for fraud", which metric are you referring to for that?

Should have been more specific. The data from the Panorama episode stated that Barclays had received the most ombudsman complaints out of all the main banks.

eskbanker

Middle_of_the_Road said:

eskbanker said:

Middle_of_the_Road said:

eskbanker said:

gadget88 said:

Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Not convinced that there's anything other than anecdotal 'evidence' of that?

Watched this yesterday. Of the main high street banks Barclays were the worst for fraud. However Revolut had twice as many complaints. They don't have a full banking license yet, but that might change.

https://www.bbc.co.uk/iplayer/episode/m00226h0/panorama-britains-newest-bank-how-safe-is-your-money

Ah right, I hadn't realised that OP was referring to a specific recent TV programme - a quick scan of that does cross-refer to some analysis by the Payment Systems Regulator, which published firm-specific reimbursement rates, and these do indeed endorse such rates being lower for the smaller players, so I take that comment back:

However, this doesn't align with your comment about Barclays being "worst for fraud", which metric are you referring to for that?

Should have been more specific. The data from the Panorama episode stated that Barclays had received the most ombudsman complaints out of all the main banks.

I didn't see that, roughly when in the programme was that?  Early on there was a brief but selective comparison of the number of Action Fraud referrals, highlighting that there were more from Revolut than Barclays, 'the bank with the most customers', and twice as many as one of its peers, but this wasn't a comprehensive listing and wasn't weighted by number of customers.  It seemed to be a stick to beat Revolut with (in keeping with the theme of the programme) rather than anything meaningful about its competitors?

Middle_of_the_Road

eskbanker said:

Middle_of_the_Road said:

eskbanker said:

Middle_of_the_Road said:

eskbanker said:

gadget88 said:

Also I note people with the non high street banks had found it harder to get there money back if they are victim of fraud.

Not convinced that there's anything other than anecdotal 'evidence' of that?

Watched this yesterday. Of the main high street banks Barclays were the worst for fraud. However Revolut had twice as many complaints. They don't have a full banking license yet, but that might change.

https://www.bbc.co.uk/iplayer/episode/m00226h0/panorama-britains-newest-bank-how-safe-is-your-money

Ah right, I hadn't realised that OP was referring to a specific recent TV programme - a quick scan of that does cross-refer to some analysis by the Payment Systems Regulator, which published firm-specific reimbursement rates, and these do indeed endorse such rates being lower for the smaller players, so I take that comment back:

However, this doesn't align with your comment about Barclays being "worst for fraud", which metric are you referring to for that?

Should have been more specific. The data from the Panorama episode stated that Barclays had received the most ombudsman complaints out of all the main banks.

I didn't see that, roughly when in the programme was that?  Early on there was a brief but selective comparison of the number of Action Fraud referrals, highlighting that there were more from Revolut than Barclays, 'the bank with the most customers', and twice as many as one of its peers, but this wasn't a comprehensive listing and wasn't weighted by number of customers.  It seemed to be a stick to beat Revolut with (in keeping with the theme of the programme) rather than anything meaningful about its competitors?

Not sure, without watching again, seem to remember that was what the associated dialogue was referring to though.

The data comparison could have been better, and on reflection, does seem somewhat selective.

eskbanker

Middle_of_the_Road said:

eskbanker said:

Middle_of_the_Road said:

eskbanker said:

Middle_of_the_Road said:

Watched this yesterday. Of the main high street banks Barclays were the worst for fraud. However Revolut had twice as many complaints. They don't have a full banking license yet, but that might change.

However, this doesn't align with your comment about Barclays being "worst for fraud", which metric are you referring to for that?

Should have been more specific. The data from the Panorama episode stated that Barclays had received the most ombudsman complaints out of all the main banks.

I didn't see that, roughly when in the programme was that?  Early on there was a brief but selective comparison of the number of Action Fraud referrals, highlighting that there were more from Revolut than Barclays, 'the bank with the most customers', and twice as many as one of its peers, but this wasn't a comprehensive listing and wasn't weighted by number of customers.  It seemed to be a stick to beat Revolut with (in keeping with the theme of the programme) rather than anything meaningful about its competitors?

Not sure, without watching again, seem to remember that was what the associated dialogue was referring to though.

The data comparison could have been better, and on reflection, does seem somewhat selective.

I'd missed your edit in an earlier post, pointing to a BBC piece about Revolut, aligned with the Panorama episode, and this includes more banks, albeit still not a full analysis:

Revolut features in crime reports

Last year, the UK’s national reporting centre for fraud and cyber-crime Action Fraud, received almost 10,000 reports of fraud in which Revolut was named, according to a Freedom of Information (FOI) request submitted by Panorama.

That is 2,000 more than Barclays, one of the biggest banks in the UK, and double that of Monzo, a competitor of similar size to Revolut.

Returning to the subject of reimbursing APP scams, as that article says, from May 2019 until last month, many institutions, including all the largest ones, were members of the voluntary CRM code, under which they were obliged to repay scam victims, so it's unsurprising that the three banks (Monzo, Danske, AIB) reimbursing significantly less than half of customers weren't members of this scheme, and hence the visible difference in the earlier chart.  Revolut also weren't in this scheme, so it's not hugely revelatory that they wouldn't have been reimbursing anything like as many customers as their high street competitors.

However, now that the voluntary scheme has been replaced with a mandatory one, it should be expected that reimbursement rates will converge....