Online control of savings

Terms like 'hacked' can cover a multitude of scenarios, but unless you're complicit or negligent then you're not responsible for any resultant losses and the bank picks up the tab....

spurdog1 wrote: »

So this world is heading for everything online. My main concern is my own funds safety (I currently have a buildeing society savings book). But now we can go online to a savings account and save. But What if the account is hacked Am I protected by the FSCS. What happens if the3 wonderful online is hacked. Maybe a bit out of date, but I am very concerned.
Can someone advise please

As an ex-techy type, I have to say that we all tend to be a bit too blase about the security of our online investments. True, the main attack vector is user error or human fallibility, but it's a very real risk and not protected / covered by anything.
Imagine this scenario.... You use your home pc, which is wirelessly connected to your network, for all aspects of your finance... but you store the passwords in an excel workbook on that pc, which you believe to be secure because only you have physical assess and you have a password on it.. Then you go on holiday and get burgled. Just how vulnerable would you be with that pc in the hands of a skilled criminal: Clue - pc passwords and spreadsheet passwords can be a doddle to crack, even if you'd bothered?
Now, maybe you don't get burgled, but someone in your home lets malware into your home pc. That might give complete remote access to every keystroke and mouse movement you make.
The systems of financial institutions ARE very secure. But home pcs and network rarely are.... and of course that's before we even consider what might be done on our smartphone when that is stolen.

jennyjj wrote: »

Imagine this scenario.... You use your home pc, which is wirelessly connected to your network, for all aspects of your finance... but you store the passwords in an excel workbook on that pc, which you believe to be secure because only you have physical assess and you have a password on it.. Then you go on holiday and get burgled. Just how vulnerable would you be with that pc in the hands of a skilled criminal:

Imagine this scenario. Unskilled criminal breaks into house, finds savings book, gets friend of right sex to take it to building society and withdraw money.

I think i know which one is more likely.

Zanderman wrote: »

Anyway PC's are old-hat - many people don't even have one anymore.*

(*though, off-topic, this does amaze me - I regularly see people struggling to do things on tablets that would be so much easier on a pc, but they've got rid of the pc as they 'don't need it now they have the tablet/smartphone'. Crazy.)

I don't have a PC, but I do have a Mac. It is essential for my work, which requires a large screen. I know people who work in design (on computers), and they also require this. Working on a tablet, let alone a phone, would be impossible for many people.

Malthusian wrote: »

Unless the PC and spreadsheet password is "password" or on a post-it note stuck to the monitor, cracking it would be well beyond the capability of the average heroin-addicted burglar.

You are talking about someone breaking into your house equipped with both tools to enter the house and a hacker capable of logging on to someone's computer and cracking their passwords in the space of a night. Most online banking facilities require a code from a card-reader to set up new payees, so they might also need to have obtained a clone of your card beforehand given that the real one is in the Maldives with you. If you are rich enough to make a highly sophisticated burglary like this worthwhile then you would have hired a private security company to look after your mansion while you are on holiday.

Frankly going on holiday is the time you have least to worry about, as it would far simpler to break into your mansion while you are there and force you to log on to your online banking facility, use the card-reader and transfer your money. I'm not sure who would be liable in this scenario (home insurer?)

I’m sure they have fixed it now but bypassing and then changing the original owners password was a 5 min job with XP.