I just had a letter saying that in order to increase security they will be sending me a card reader to use when logging on to their online banking system, anyone else had this? It sounds like a very expensive system to me... or is this elaborate scam?
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Science isn't about why, it's about why not. You ask: why is so much of our science dangerous? I say: why not marry safe science if you love it so much. In fact, why not invent a special safety door that won't hit you in the butt on the way out, because you are fired. - Cave Johnson -
no, i heard that all the high street banks were going to do this.
might sound expensive, but think of the costs of fraud. (i suppose). -
I thought Barclays were going to be the first, but I haven't heard any more.Will work inside IR35. Or for food.Comment
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It's 2 factor authentication, using a one-time password - in the trade, and Lloyds launched this for a trial of 30,000 business customers at the beginning of last year. Lloyds are now rolling this out to retail customers - not sure if it's just staff yet - I think regular customers are being phased onto the new system now.
Been around for donkeys years and used by retail staff to log onto the internal systems - but with this new system you have to enter a pin into the reader, which generates a pwd according to the embedded algorithm - unique to every card reader.Comment
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so it's basically just another PIN number to remember.Comment
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Depends how they do it. Normal two factor systems use a name/password combination plus a physical token that generates a one time pass code on demand. You dont need to rememebr anything extra but you do need to have physical possesion of the token."Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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i've not had this letter, but would be happy for it!
anything to increase security.I didn't say it was your ******* fault, I said I was blaming you!Comment
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What I've never understood is why they haven't tried some system that ties it to a particular PC. I wouldn't mind if I could only use online banking from one PC, as I rarely do anything other than that anyway.
It could work in a simiar way to the Windows activation thing by taking a snapshot of your hardware/MAC address if you have one etc. Okay these things are defeatable, but it would be another barrier in the way that doesn't involve having to remember yet more bits of information.Will work inside IR35. Or for food.Comment
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Actually it is not to your benefit. Most bank fraud is internally generated. Having extra doodads is just giving them extra ways of saying it was you or someone close to you what did it, and save them face.
Example: how many of you have actually ever seen any pictures from a hole-in-the-wall when you've had phantom withdrawals?Insanity: repeating the same actions, but expecting different results.
threadeds website, and here's my blog.
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PC's, especially laptops get nicked. Most IT savvy people dont tick the box that says "remember my details on this computer" but the illiterate masses just want an easy life and can't be arsed to remember and type a name/password combo each time.
By issuing a seperate physical token you remove the risk of a stolen PC giving access to bank accounts.
It also means that whenever a customer buys a new PC they dont have to go through a registration routine to get at their bank account."Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
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