Bank comparisons
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- 2 Lemon pips
- Posts: 220
- Joined: November 8th, 2016, 7:26 pm
Bank comparisons
Not particularly interested in the general nurgatory rates of return but in security.
Which are the best banks from the point of view of security and return of money from social hacking?
Preferably whilst still offering a decent banking service for telephone and online banking.
Are there any comparison sites?
Which are the best banks from the point of view of security and return of money from social hacking?
Preferably whilst still offering a decent banking service for telephone and online banking.
Are there any comparison sites?
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- Lemon Slice
- Posts: 424
- Joined: November 4th, 2016, 1:56 pm
Re: Bank comparisons
MoneySavingExpert has ratings for quality of service:
https://www.moneysavingexpert.com/banki ... -accounts/
It doesn't mention security specifically, but at least you can discount those with poor service and maybe research in detail the better ones. For example, the TSB website makes the claim 'There’s only one bank in Britain that offers you a Fraud Refund Guarantee.'
https://www.tsb.co.uk/fraud-prevention- ... _ALL_CT_CO
https://www.moneysavingexpert.com/banki ... -accounts/
It doesn't mention security specifically, but at least you can discount those with poor service and maybe research in detail the better ones. For example, the TSB website makes the claim 'There’s only one bank in Britain that offers you a Fraud Refund Guarantee.'
https://www.tsb.co.uk/fraud-prevention- ... _ALL_CT_CO
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- Lemon Slice
- Posts: 477
- Joined: December 1st, 2018, 3:55 pm
Re: Bank comparisons
I have had a very good experience of First Direct over the last 20+ years, pretty much since they started. They are impeccably polite on the phone, in my experience efficient (when they very occasionally have not been, a written apology and on one occasion a bottle of wine have followed) and their website and app work well. Now, I recently had a moan at them due to what I felt was an overly complex login process. They have gone two factor, requiring a code generation from the app, so as to enable login on a PC. While most of my other bank accounts need 2 factor authentication, only FD (this may have changed) needed you to generate the code rather than it simply being texted to you. I have got used to the system now and it is quite re-assuring. For voice calls to the bank they use speech recognition technology in addition to passwords. It definitely works, as I got refused access when on a dodgy phone line once. From what I have read, the main worry for banks is the ancient software running in the background, but this seems to affect all bar the new kids on the block like Starling.
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- The full Lemon
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Re: Bank comparisons
It is sad but I am now starting to choose financial institutions based on how unponderous their 2FA is.airbus330 wrote: Now, I recently had a moan at them due to what I felt was an overly complex login process. They have gone two factor, requiring a code generation from the app, so as to enable login on a PC. While most of my other bank accounts need 2 factor authentication, only FD (this may have changed) needed you to generate the code rather than it simply being texted to you.
I like your name, by the way.
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- Lemon Quarter
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Re: Bank comparisons
quote="Lootman"]
I like your name, by the way.[/quote]
I use both NatWest and Barclays and increasingly do things, where possible, with the mobile phone apps. These don't use 2FA, presumably because the mobile phone connection is deemed secure. Very quick and easy, much better than ponderously logging in over the Internet
It is sad but I am now starting to choose financial institutions based on how unponderous their 2FA is.airbus330 wrote: Now, I recently had a moan at them due to what I felt was an overly complex login process. They have gone two factor, requiring a code generation from the app, so as to enable login on a PC. While most of my other bank accounts need 2 factor authentication, only FD (this may have changed) needed you to generate the code rather than it simply being texted to you.
I like your name, by the way.[/quote]
I use both NatWest and Barclays and increasingly do things, where possible, with the mobile phone apps. These don't use 2FA, presumably because the mobile phone connection is deemed secure. Very quick and easy, much better than ponderously logging in over the Internet
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- Lemon Half
- Posts: 7479
- Joined: November 4th, 2016, 6:11 pm
Re: Bank comparisons
Most of the banking apps I've come across do use two factors - possession of (registered) phone plus either a PIN/password or biometric id.scrumpyjack wrote:I use both NatWest and Barclays and increasingly do things, where possible, with the mobile phone apps. These don't use 2FA, presumably because the mobile phone connection is deemed secure. Very quick and easy, much better than ponderously logging in over the Internet
Scott.
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- Lemon Slice
- Posts: 477
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Re: Bank comparisons
Just to clarify, the FD app can be used with fingerprint authentication only, thus not needing 2FA.
I do agree though, that the simplicity of the app is gently herding us down that route. But it does worry me how reliant we can become on the portable device. Apple, in particular, has a terrific reputation for keeping its users safe. But, one day, someone will break down the door of their security. I would be very resistant to being reliant on Android devices, too many security question marks.
I do agree though, that the simplicity of the app is gently herding us down that route. But it does worry me how reliant we can become on the portable device. Apple, in particular, has a terrific reputation for keeping its users safe. But, one day, someone will break down the door of their security. I would be very resistant to being reliant on Android devices, too many security question marks.
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- Lemon Half
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Re: Bank comparisons
That is two factor authentication. The EU directive requires two of: something you know (e.g. password), something you have (e.g. a mobile phone), and something you are (e.g. fingerprint). Your app uses the last two factors.airbus330 wrote:Just to clarify, the FD app can be used with fingerprint authentication only, thus not needing 2FA.
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- Lemon Quarter
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Re: Bank comparisons
Effectively once you have installed the NatWest or Barclays app on your phone you simply enter a 6 or 5 digit pin. You don't have to wait for an SMS and type in a code as well. They do have lower transaction limits for some things but there isn't much you can't do on the phone app.swill453 wrote:Most of the banking apps I've come across do use two factors - possession of (registered) phone plus either a PIN/password or biometric id.scrumpyjack wrote:I use both NatWest and Barclays and increasingly do things, where possible, with the mobile phone apps. These don't use 2FA, presumably because the mobile phone connection is deemed secure. Very quick and easy, much better than ponderously logging in over the Internet
Scott.
Can't remember when I last went into a bank or phoned the bank.
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- Lemon Slice
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Re: Bank comparisons
I didn't know that definition, thanks for the info.mc2fool wrote:That is two factor authentication. The EU directive requires two of: something you know (e.g. password), something you have (e.g. a mobile phone), and something you are (e.g. fingerprint). Your app uses the last two factors.airbus330 wrote:Just to clarify, the FD app can be used with fingerprint authentication only, thus not needing 2FA.
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- Lemon Slice
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Re: Bank comparisons
I think you will find that accessing FD via a pc allows, at present, memorable data entry following Username - Log On.airbus330 wrote: They have gone two factor, requiring a code generation from the app, so as to enable login on a PC. While most of my other bank accounts need 2 factor authentication, only FD (this may have changed) needed you to generate the code rather than it simply being texted to you.
On the following page you will see an option, at the top of the page, ' You can log on without a Secure Key here >'.
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- Lemon Half
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Re: Bank comparisons
Phones are more easily lost than computers, so isn't that no more secure than the approach of going to the website hit the login button with a user id and quote three letters from a password and three numbers from a PIN? The three letters and three numbers approach has been the Nat West method since the 1990s. I'm reluctant to use a phone for banking other than receiving a text code if they insist on doing that way.scrumpyjack wrote: Effectively once you have installed the NatWest or Barclays app on your phone you simply enter a 6 or 5 digit pin. .
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- Lemon Quarter
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Re: Bank comparisons
I understand, but doing it on a PC having entered your user id and password numbers and letters you then have to wait for an SMS with a code and enter that as well. Not sure what you do if you've lost your phone as you won't get the SMS.
One reason for having an account at Barclays as well as Natwest is that if security or other problems arise on logging in to one account, I can use the other.
Anyway most things are paid by credit card these days.
One reason for having an account at Barclays as well as Natwest is that if security or other problems arise on logging in to one account, I can use the other.
Anyway most things are paid by credit card these days.
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- Lemon Slice
- Posts: 477
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Re: Bank comparisons
Yes, that is correct. I have been told by FD that this method of logging in will be withdrawn at some point. If you do not own a smartphone they will issue you with a random number generator along the lines of the NatWest system from about a decade ago.panamagold wrote:I think you will find that accessing FD via a pc allows, at present, memorable data entry following Username - Log On.airbus330 wrote: They have gone two factor, requiring a code generation from the app, so as to enable login on a PC. While most of my other bank accounts need 2 factor authentication, only FD (this may have changed) needed you to generate the code rather than it simply being texted to you.
On the following page you will see an option, at the top of the page, ' You can log on without a Secure Key here >'.
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- Lemon Quarter
- Posts: 3387
- Joined: November 27th, 2016, 8:45 am
Re: Bank comparisons
And how is a thief going to be able to open the banking app on your lost phone when there is a bio-metric scanner to prevent access? If the full weight of the police's resources cannot unlock the phones of criminals they have arrested, then I don't consider a two bit thief is better equipped.Alaric wrote:Phones are more easily lost than computers, so isn't that no more secure than the approach of going to the website hit the login button with a user id and quote three letters from a password and three numbers from a PIN? The three letters and three numbers approach has been the Nat West method since the 1990s. I'm reluctant to use a phone for banking other than receiving a text code if they insist on doing that way.scrumpyjack wrote: Effectively once you have installed the NatWest or Barclays app on your phone you simply enter a 6 or 5 digit pin. .
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- Lemon Quarter
- Posts: 2133
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Re: Bank comparisons
Out of interest, will this apply to my Samsung S7 smartphone? As an infrequent user, the fingerprint recognition always seems a bit hit and miss to me.AF62 wrote:And how is a thief going to be able to open the banking app on your lost phone when there is a bio-metric scanner to prevent access? If the full weight of the police's resources cannot unlock the phones of criminals they have arrested, then I don't consider a two bit thief is better equipped.Alaric wrote: Phones are more easily lost than computers, so isn't that no more secure than the approach of going to the website hit the login button with a user id and quote three letters from a password and three numbers from a PIN? The three letters and three numbers approach has been the Nat West method since the 1990s. I'm reluctant to use a phone for banking other than receiving a text code if they insist on doing that way.
regards
Howard
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- Lemon Quarter
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Re: Bank comparisons
By "hit and miss" I assume you mean that it sometimes fails to unlock when presented with a known finger, rather than unlocking when presented with an unknown finger (or something else!).Howard wrote:Out of interest, will this apply to my Samsung S7 smartphone? As an infrequent user, the fingerprint recognition always seems a bit hit and miss to me.AF62 wrote: And how is a thief going to be able to open the banking app on your lost phone when there is a bio-metric scanner to prevent access? If the full weight of the police's resources cannot unlock the phones of criminals they have arrested, then I don't consider a two bit thief is better equipped.
If so, doesn't that reassure you that it is playing safe with your data and access to your apps.
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- Lemon Quarter
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Re: Bank comparisons
I guess you are right. So it is as safe as my four digit pin. And presumably the phone will lock if an incorrect pin is tried more than 3 or 4 times.AF62 wrote:By "hit and miss" I assume you mean that it sometimes fails to unlock when presented with a known finger, rather than unlocking when presented with an unknown finger (or something else!).Howard wrote: Out of interest, will this apply to my Samsung S7 smartphone? As an infrequent user, the fingerprint recognition always seems a bit hit and miss to me.
If so, doesn't that reassure you that it is playing safe with your data and access to your apps.
thanks for your comment.
regards
Howard
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- Lemon Quarter
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Re: Bank comparisons
Safer. You could write your PIN down, tell someone what it is, or someone could just guess it (lots of people use the same PINs for everything). Unless you chop your finger off, you have to be there to use fingerprint recognition.Howard wrote:I guess you are right. So it is as safe as my four digit pin. And presumably the phone will lock if an incorrect pin is tried more than 3 or 4 timesAF62 wrote: By "hit and miss" I assume you mean that it sometimes fails to unlock when presented with a known finger, rather than unlocking when presented with an unknown finger (or something else!).
If so, doesn't that reassure you that it is playing safe with your data and access to your apps.