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What is the safest technical setup for online banking ?

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  • mark_cycling00
    mark_cycling00 Posts: 744 Forumite
    500 Posts Third Anniversary Name Dropper
    edited 28 November 2024 am30 11:15AM
    1. Know what to do if your phone is stolen. Device tracker from your laptop and factory reset perhaps? Always have it locked, ideally biometric lock
    2. Don't keep using old passwords that got leaked in those linkedin etc. hacks
    3. Don't use the same password for everything. Especially phone and email should be very different from your banking 
    4. Enable 2FA on everything 
    5. Regularly check for unexpected devices logged into your Gmail, Facebook etc
    6. Don't fall for social engineering scams 
    7. Really don't do the one above 

    People attempt to hack my email accounts every hour without success. 

    A6_T3Gicsspaob!M01

    Your passwords should look more like the one above (it's actually easy to remember, just ask me) than

    Manc!ty123
  • Zanderman
    Zanderman Posts: 4,812 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 28 November 2024 am30 11:19AM
    1. Know what to do if your phone is stolen. 
    Better still don't take the phone you use for banking out of the house. 

    As I said in my first reply, phones are the best security.  And as OP seems to be assuming (wrongly) that a PC of some sort would be best for security (but isn't) then it would follow that if OP isn't planning to need banking facilities away from home.

    So if OP takes advice from here and simply uses a smart phone with dedicated banking apps (which is the most secure way to do online banking) then only using that smartphone in the home, and never taking it out, removes most of the risk of losing it or having it nicked.
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,521 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 28 November 2024 am30 11:22AM
    Zanderman said:
    1. Know what to do if your phone is stolen. 
    Better still don't take the phone you use for banking out of the house. 

    As I said in my first reply, phones are the best security.  And as OP seems to be assuming (wrongly) that a PC of some sort would be best for security (but isn't) than it would follow that if OP isn't planning to need banking facilities away from home.

    So if OP takes advice from here and simply uses a smart phone with dedicated banking apps (which is the most secure way to do online banking) then only using that smartphone in the home, and never taking it out, removes most of the risk of losing it or having it nicked.
    Definitely agree with this point - and I'd take it a step further to say don't use any apps on the phone you take out of the house that you wouldn't want someone to get into. Particularly if you also use the same device for 2FA.

    I had a mate who had his phone nicked while he was getting off the tube last year. He had just unlocked it to check something and the next minute it was gone. His email app didn't have a PIN, relying on the lock screen to protect it, so the thieves got in and reset login details to a whole bunch of stuff, including one of his banks (might have been his PayPal I'm not 100% sure), and managed to max out his credit card. Took a while to get the bank to agree it was fraudulent and reverse the the transactions.
  • km1500 said:
    use the banking app on a smartphone. 

    don't use the same PIN as you use to unlock the phone or indeed anywhere else

    if you have a Samsung phone that supports it then put the banking app in the secure folder and secure that with a different pin again
    Being fair to all brands (there have been some apple fans on here maintaining iphones and macs are uniquely more secure - without understanding that android and windows can - and are - just as good in most situations) I think Samsung's 'secure folder' concept is not unique either. Android 15 - fairly new so would need a capable phone - has 'private space' which is, basically, the same concept. 

    So, going back to the points above, OP's most secure option is to have an up-to-date phone - any android phone running 15 would do (or arguably an iphone) - use banking apps only, not banking websites, and keep it at home if they only want to bank whilst at home.     
  • The latest version of ios (18) on iphone allows you to restrict access to apps unless you use Face ID. So if someone stole my phone, they would be unable to access my emails unless they somehow had my face. Same is true of my banking apps. 

    Again, as other people have said, having strong unique passwords is key. Using a password manager like 1Password helps in this regards. Having 2FA also worth doing. 

    OP's suggested setup is over the top and paranoid. It's far more secure to receive bank statements electronically through an online banking portal than receiving them on paper through the post.
  • Great answers. Going to secure my Gmail app now. 

    I find they hardly anyone I speak to has a plan for what to do if phone stolen. 
  • Exodi
    Exodi Posts: 3,435 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 28 November 2024 am30 11:49AM
    And again, ironically despite all the above precautions, with a brand new dedicate phone with the newest software, using secure folders with biometrics and unique passwords/pins that are unfathomably long and complicated - in the vast majority of scams, they would make no difference because the victim is the one sending the money to the scammer.

    I think the biggest advice to the older folk who are tech paranoid is to go and do some research on scams, there are plenty of resources out there.

    In most cases, scammers are able to steal money because they are able to successfully convince their victim that their bank account has been hacked so they need to move the funds to a new 'safe' account, or because they owe tax, or because they have a once in a life investment opportunity that won't be around long, not because the victims password wasn't over 10 characters (and to a large extent, mandatory 2FA reduces the importance of a strong password).
    Know what you don't
  • Thanks everyone, all very interesting and helpful.
    @Zanderman @Ergates -  I'd always assumed that a phone was less secure, could you help me understand why I'm wrong ?
  • As mentioned already, just keep everything updated and use strong password protection!
    Once you start using Online Banking, especially with Banking apps, it will become second nature!

    If your Bank/Building Society is online only, logging in via a phone can be a bit clunky, best done on Tablet/Laptop.
    Up until the recent rate drop, I used the Chase app for my everyday spending, well designed, instant transfers, no fuss.  
     
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