Banks and online security devices

[Scottish Business Owner]

Around six months ago my bank Lloyds TSB sent me a little keyfob through the post which generates a random number which it asks for when I try to login to my internet banking.

I understand that banks are rolling this out in a big way. How many people actually now use these devices and do you now feel more secure as a result?

Just a gimmick or a step forward?

 

[stugster]

Barclays have gone one step further. They've issued tiny hand-held devices (about the size of a pocket calculator) that you put your card into.

When prompted by the Internet Banking site log-on section, you type in your pin number into the device. It then generates an 8 digit number for you to type into the site.


What's worrying though, is that this device clearly demonstrates that the pin number for your card is stored on the chip... therefore anyone with a slightly altered one of these devices (and your card) can simply pop the card in, and view the pin number.

 

[PC]

HSBC provide their own-branded the RSA securekey fob.

Great when i works, when it breaks your lost for a week!

 

[Brian McIntosh]

I've got the same thing as Stuart. It was sent to me a couple of months ago to "make online banking more secure". I've never been asked to use it yet! Still the same login process. To back up what Stuart said, there is a facility on the device to insert your card and change the pin.

 

[nothing does]

I use the Barclays device. I don't know if it makes things more secure but it sure as hell makes it a lot longer to pay invoices!

 

[gamecockfan]

I agree that all of these devices are nothing more than a way to make all of uss feel more secure but I am really not sure that it is doing anything but making the entire process take longer!

 

[TomB]

Hey All,

I have a natwest business bank account and they issue what looks like a little calculator.

When ever i make an online transcation , transfer or anything like that it gives me a code, i put my online banking card into it and it generates a response code to authorise it.

According to the finance department at my day job that's pretty standard stuff with business banking, its a fail safe so that some disgruntled employee can't transfer the content of the business bank account to their swiss account.

I don't feel any safer using it, in fact most of the time it's a pain as it has a separate pin number from my bank card which i can never remember anyway.

T

 

[Terry]

We are with BOS and have had keyfob for about 8 months now. I don't think these are the way forward, it's just another temporary step to annoy us before something better comes along.

 

[Idea15]

The last time I saw one of those fobs it was around the neck of a friend who worked at a government agency of the "I'd tell you what I do for a living but then I'd have to kill you" variety. Every two minutes the PIN access code for every door in the facility would change, and the fob told him what it was.

It seemed sensible for a secure top-secret facility; for sole traders buying toner cartridges, it's a bit OTT.

 

[Former Member 1]

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[craigmcalpine]

I have one with Barclays, and it was a proverbial nightmare to get it set up correctly. In the meantime, we had three instances of fraud on our account.

I agree with the comment about the length of time it now takes to do online banking, even with the 'store these details for next time'!

I don't think they make anything particularly safer, just slighter longer in terms of deterring potential fraudsters.

Craig Ian