On-line Banking Security

  blanco 18:24 11 Nov 05
Locked

After using an on-line account with Lloyds TSB for some time with the third stage of log on security being a memorable word for which specific letters are asked for each time and are variable. I have now become one of a pilot for increased security.

This consists of a gismo that comes up with a different six digit access number each time you log on and to confirm any transaction like transfer of money. The number disappears after a few seconds but anything it comes up with can be traced as coming from me. (Just so long as no-one has had access to my gizmo of course – but that's up to me.)

It would seem a good step forward and I am just interested whether other forum members have experience with other financial institutions having made any changes to improve security.

  PaulB2005 18:28 11 Nov 05

How does the 6 digit number generated by the Gizmo help protect your bank account? I did read up on this but didn't get very far as i couldn't find anything that explained the basics!

Not saying it won't work but i obviously don't get something!

You go to log in and you use the Gizmo to generate a 6 digit number - then what?

What stops you using ANY 6 digit number?

  jack 19:57 11 Nov 05

All the the 30 years or so of cumputering, I have experience the situation where a pundit annoucing that this is safe or that cannot be done - and some one somewhere has already cracked it/bent it/ fixed the problem.
This will happen with Lloyds gizmo too if it has not already.
Call me a cynic if you will
It seems to me the safest form of distance banking is offline - in a sock under the mattress

  Wilham 21:47 11 Nov 05

I agree with Jack that no security security system is 100% safe in the long-term. Yet I find online banking very very useful.

My system is to arrange cash flow between accounts to be limited within a/c in wife and my names. So I switch money from high interest accounts to current a/c's, and outflow from there is by cheque, or DD including Visa card settlement. That way I get warning before deductions, all of which point back to a realtime signature.

The disadvantage is if I require a quantity of cash; then I have to go to a bank/building society counter where I'm a known customer. But most payments are accepted through credit card, and I use a cashback visa for that anyway.

  Forum Editor 23:07 11 Nov 05

have been issued with these number generators, and they are indeed an excellent tool in the fight against bank account fraud. The device generates a new number every 30 seconds.

The problem is that if you accidentally destroy the generator - perhaps by treading on it - or if you lose it, you can't access your account online.

  pj123 16:08 12 Nov 05

I haven't been asked to take part in this pilot so I can't comment. What does annoy me though is the "third stage of log on security being a memorable word for which specific letters are asked for each time and are variable". Why are the letters asked for always in numerical order?

For example I have always been asked for say 1. 6. 7. or 2. 3. 9. etc. Why not 7. 1. 4. or 8. 2. 6.

  PaulB2005 16:23 12 Nov 05

What difference would it make?

  blanco 17:12 12 Nov 05

that if I an stupid enough to tread on, swallow or otherwise disable my gizmo. I shall be locked out of my account until a replacement arrives.

However, the security is certainly increased. I have no idea myself what the next number will be and it will be used once only. The next time I am asked for an access code it will be a new unique number known by the bank as coming from me.

  oresome 17:36 12 Nov 05

"It seems to me the safest form of distance banking is offline - in a sock under the mattress"

I just hope you're joking Jack! Sadly, many people do indeed store money this way.

Most on line banks will reimburse any losses provided you haven't been negligent. Nobody will replace your sock or it's contents if its stolen.

  jack 10:31 13 Nov 05

oresome
Indeed I was having a 'tonge in cheek' moment in suggesting in 'sock under matteress'
It seems however that healthy cynical approach to these many 'secure' systems is the best 'secure system'

  Forum Editor 11:08 13 Nov 05

you'll find some interesting articles on Internet security. The problem is certainly growing, and as criminals become more sophisticated, and more tech-aware there will be increased pressure for serious international cooperation in devising ways and means to stop/deter/detect these people.

In the meantime I think we all have to accept that the sheer complexity of modern software and hardware devices compounds the problem in some ways. It's up to us to use whatever measures are available to us in the fight against identity theft and online fraud, and anyone who believes that they don't need help in this respect is seriously behind the game.

This thread is now locked and can not be replied to.

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