HSBC Telephone Banking - No Security!

Caped_Avenger

Paul_Varjak wrote:

The security problems with HSBC banking apparently also apply to FIRST DIRECT - a telephone banking service owned by HSBC!

You're talking paranoid nonsense, to be honest.

Yes, of course you have to give your password in full to a CS rep when you set it up and when you change it (otherwise you wouldn't HAVE a password), and of course they could then theoretically write down all your details. Whenever you do set up or change your password (or any of your security details), the system logs that they have changed, they log the CS rep that has changed them, the date and time when they were changed.

On that basis, do you really think a bank employee (who is fully aware of everything in my last paragraph) would be stupid enough to even try to access your account posing as you? No. Even if they did, and weren't detected immediately (bear in mind that they would have to sound similar to you in terms of age, gender, etc.), as soon as you detected the problem, the bank would check call logs to establish when the call was made, where from, who last saw your password (which can ONLY be seen when YOU change it), and would deal with it appropriately. Do you seriously think they'd make you stand any losses you incurred as a result of a fraudulent bank rep?

Next time you speak to someone at HSBC about this, ask them when was the last time a customer was defrauded by an employee of the bank in this manner. You'll find the answer proves your paranoia is exactly that, and far from justified.

There are far easier methods by which a bank CS rep could commit fraud, but are all easily traced due to the way a bank's systems are set up. On the basis that if a rep did try it on with a customer's account, not only would they be sacked (and struggle to get another job in the future), they would be prosecuted. Worth the risk, when they know they're not going to get anything out of it? No.

The last thing to bear in mind is that before a bank will take someone on as a CS rep, they'll do checks on them, and they constantly audit reps (and EVERYONE who works in a bank) to ensure they are behaving legitimately.