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  • FIRST POST
    • spurdog1
    • By spurdog1 8th Aug 18, 6:02 PM
    • 13Posts
    • 1Thanks
    spurdog1
    Online control of savings
    • #1
    • 8th Aug 18, 6:02 PM
    Online control of savings 8th Aug 18 at 6:02 PM
    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 Maybe a bit out of date, but I am very concerned.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
Page 1
    • dunstonh
    • By dunstonh 8th Aug 18, 6:13 PM
    • 96,087 Posts
    • 63,893 Thanks
    dunstonh
    • #2
    • 8th Aug 18, 6:13 PM
    • #2
    • 8th Aug 18, 6:13 PM
    But What if the account is hacked Am I protected by the FSCS.
    No you are not. The FSCS is protection given when the financial institution fails. Not rare individual cases of loss when the bank is still operating.

    In most cases, those people who say they get "hacked" usually find out its a family member who knew the passwords/PIN. Or where the PIN was written on the card or lost with the card or falling for scam.

    if you apply a bit of common sense with your data security, there is usually nothing to worry about.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • eskbanker
    • By eskbanker 8th Aug 18, 6:46 PM
    • 8,769 Posts
    • 10,036 Thanks
    eskbanker
    • #3
    • 8th Aug 18, 6:46 PM
    • #3
    • 8th Aug 18, 6:46 PM
    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
    • By spurdog1 8th Aug 18, 8:18 PM
    • 13 Posts
    • 1 Thanks
    spurdog1
    • #4
    • 8th Aug 18, 8:18 PM
    • #4
    • 8th Aug 18, 8:18 PM
    Thanks to all.
    • jennyjj
    • By jennyjj 8th Aug 18, 11:52 PM
    • 316 Posts
    • 402 Thanks
    jennyjj
    • #5
    • 8th Aug 18, 11:52 PM
    • #5
    • 8th Aug 18, 11:52 PM
    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
    Originally posted by spurdog1
    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.
    • Malthusian
    • By Malthusian 9th Aug 18, 10:19 AM
    • 4,995 Posts
    • 8,073 Thanks
    Malthusian
    • #6
    • 9th Aug 18, 10:19 AM
    • #6
    • 9th Aug 18, 10:19 AM
    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?
    Originally posted by jennyjj
    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?)
    • AnotherJoe
    • By AnotherJoe 9th Aug 18, 12:43 PM
    • 11,850 Posts
    • 13,818 Thanks
    AnotherJoe
    • #7
    • 9th Aug 18, 12:43 PM
    • #7
    • 9th Aug 18, 12:43 PM
    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:
    Originally posted by jennyjj
    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
    • By Zanderman 9th Aug 18, 1:20 PM
    • 1,876 Posts
    • 4,579 Thanks
    Zanderman
    • #8
    • 9th Aug 18, 1:20 PM
    • #8
    • 9th Aug 18, 1:20 PM
    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?
    Originally posted by jennyjj
    Maybe. But there are probably, as others have said, more likely ways for someone to get your info. I rather doubt most burglars bother nicking a pc - they are bulky, likely to be password protected so a nuisance to sell-on/hack and have, other than possibly/maybe/perhaps some security info worth having (but you can't tell by looking at them), no sell-on value. Burglars these days are usually opportunists not skilled criminals, or so I'm told, and go for easy to carry instant wins - jewellery (as always), small electronics etc.

    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.)
    • Sapphire
    • By Sapphire 9th Aug 18, 2:01 PM
    • 2,393 Posts
    • 4,561 Thanks
    Sapphire
    • #9
    • 9th Aug 18, 2:01 PM
    • #9
    • 9th Aug 18, 2:01 PM
    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.)
    Originally posted by Zanderman
    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.
    • Terry Towelling
    • By Terry Towelling 9th Aug 18, 4:30 PM
    • 750 Posts
    • 586 Thanks
    Terry Towelling
    In addition to the common-sense approach and being mindful of who uses your PC (I remember my granddad telling me about those), don't fall for the scams perpetrated by callers claiming to be from BT telling you that you have a broadband fault or from Microsoft/Windows security telling you your PC has been compromised and you need to install a new identity.
    • TBC15
    • By TBC15 12th Aug 18, 1:58 PM
    • 671 Posts
    • 334 Thanks
    TBC15
    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?)
    Originally posted by Malthusian
    Iím sure they have fixed it now but bypassing and then changing the original owners password was a 5 min job with XP.
    • Terry Towelling
    • By Terry Towelling 12th Aug 18, 2:10 PM
    • 750 Posts
    • 586 Thanks
    Terry Towelling
    If you really must store passwords in a file on your device, the least you should do is append them to some other unrelated file (e.g. a word document of a letter to the council or some such) and have them in white text on a white background and preferably written back to front.

    To cover yourself further, have a file called 'passwords', make it password-protected and fill that with false passwords and log-in IDs.
    Last edited by Terry Towelling; 12-08-2018 at 3:30 PM.
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