icici bank security

marybc

Hi I am thinking of opening an internet account with icici bank, does anybody know whether they guarantee your money returned in the event of internet fraud, I have been on their website and cant find an answer, Barclays and other banks have an internet fraud guarantee.
Thanks

EalingSaver

marybc wrote: »

Hi I am thinking of opening an internet account with icici bank, does anybody know whether they guarantee your money returned in the event of internet fraud, I have been on their website and cant find an answer, Barclays and other banks have an internet fraud guarantee.
Thanks

On that point I have no idea. However, as someone who has had savings account with them for about 6 months or more, I would say don't go near them even with the longest of barge poles. I have about 8 internet based accounts; ICICI are by far and away the worst from a service provider point of view. Not been able to get into my account now for 15 or more days - and have been told it will be another 48 hours before the current problems is fixed (after being told yesterday evening that it would be a couple of hours). Any bank which is locking out customers for 3 days (that's giving them the benefit of the doubt) does not fill me with any confidence. Appalling

MagicBurd29

When I reported to ICICI what at face value was a security weakness in their systems, or an actual breach of their security, they were completely uninterested. I pushed hard to escalate the issue, and tried different tacks (from "daft laddie - worried customer" to "internet expert - you really should be listening") but they did nothing at all.

What's more, their systems were clearly internally inconsistent, suggesting strongly to me that information was being transferred manually between different parts of their system - thus leading to mistakes - and they seemed incapable of responding to customer concern about those mistakes.

And they didn't seem to have any kind of audit trail - no way of vouching for the integrity of transactions on customer accounts.

I was extremely relieved when I extracted all my money from them.

gt94sss2

marybc wrote: »

Hi I am thinking of opening an internet account with icici bank, does anybody know whether they guarantee your money returned in the event of internet fraud, I have been on their website and cant find an answer, Barclays and other banks have an internet fraud guarantee.

An 'internet fraud' guarantee from ICICI or several of the other online savings account operators would be pointless - as they only allow withdrawals to your nominated current account.. - unlike Barclays etc..

As such, someone would have to breach the security of both accounts/institutions to get hold of any money ICICI have of yours..

Regards
Sunil

something_girl

gt94sss2 wrote: »

An 'internet fraud' guarantee from ICICI or several of the other online savings account operators would be pointless - as they only allow withdrawals to your nominated current account.. - unlike Barclays etc..

As such, someone would have to breach the security of both accounts/institutions to get hold of any money ICICI have of yours..

Regards
Sunil

yeh I was thinking that, any money 'withdrawn' from most of these internet savings accounts will only ever go into your nominated account, which can only, of course, be another of your own accounts.. can't see how any fraud can be done there?

LongTermLurker

something_girl wrote: »

yeh I was thinking that, any money 'withdrawn' from most of these internet savings accounts will only ever go into your nominated account, which can only, of course, be another of your own accounts.. can't see how any fraud can be done there?

But it could quite well be annoying :mad:

I can think of a loophole though - you can change your linked account online; that requires you to send a cheque from your new linked account.

Slim, but someone with the same name as you could do that (hopefully no-one could open an account in your name due to money laundering checks), but I bet they wouldn't check if John Smith #2 had the same address as John Smith #1...

Generally less than impressed with their website.