How to make online banking harder curtesy of Lloyds TSB

[Dos_Box]

I'm a huge fan of online banking, especially for running EduGeek. It means I can see, manage and transfer money\pay bills without having to write cheques or visit the bank (my least favorite activity), and I know exactly where I am when 'doing' the books.

Now Lloyds TSB have decided to take the ease of online banking and make it twice as slow. You see I've been sent one of these card readers under the auspices of 'fraud prevention' (never mind I need 2 passwords and random character insertion to simply log onto the account.

 

http://farm2.static.flickr.com/1375/1438196463_96f1689d92.jpg

 

Now I simply assumed it was to help with a more secure logon process, but alas no. Now, when I log in (using the provided random number generator in the card reader) and want to pay a bill or transfer money I still have to type out all of the recipients details such as sort code, account number and amount transferred, then do it all again on the keypad to generate the random number now required to authorise the transfer. You must do this for every payment you do online. It also does not help that the keypad on the device is not very responsive and requires you to double check every keypress.

Thanks Lloyds TSB. You've just made online banking twice as lengthy and less versatile as I now have to ensure I take this device everywhere with me when on business, or simply for day to day use if I want to work from home!!

 

 

*I know it shows a Barclays branded version there, but mine is the same as that one.

If this is progress you can keep it.

[plexer]

hmm you're moaning about Lloyds but that is a Barclays device?

 

Ben

[TopBanana]

i thought it was only barclays and hsbc that used pin sentry gadets

[tmcd35]

I'd change banks!

[MK-2]

i had one from natwest but they is only used if i want to make payments online from my account. i put my card in, enter the number on screen, it then creates a code on the readers screen that i enter on the pc and thats it. none of this entering customer details etc.

its probably the only thing natwest have done right up til now, their online banking is a lot smoother than others.

[pete]

Wait till you try to do bulk BACS transfers through their New! Improved! Web Interface. It's easier to do it through the dial-up monstrosity that is LloydsLink.

 

Finance Dept were in tar and feather mode for a while about that.

[jamesb]

Barclays do the same, but allow you to set the transaction level to use them for. Currently mine's set to require the thingy for any transaction over £100, but anything under that I can do normally.

[rush_tech]

I've had one for a little while with natwest, only use it if your setting up new DD, standing orders or payments things like that

[sted]

i though halifaxs new select characters say 1 4 6 of you memorable phrase was bad enough that sounds silly and as ive been notified that halifax sytstem is changing in the new year id imagine it will end up being the same as lloyds oh fun. I know there needs to be secutiry but where do you draw the line between usable and sod this im off to the branch

[DMcCoy]

On my HSBC online account, it has useful things like sending money to overseas accounts. However you can only use this function during working hours!

[plexer]

Stupid thing is in our town both Barclays and Lloyds close at 16:30 a right pain if I wanted to go to the branch after work.

 

With Lloyds currently if I want to set up a payment to a new person/company they ring me on either my mobile or home number and read out a pin code which I have to then input into the web interface.

 

Ben

[tommej]

I've not used online banking in over 2 years because i forgot my stupidly long password and never bothered to get it sent to me. Oh well, mum works at Lloyd's so I just call her if I need anything - I can highly recommend this.

[rad]

I have a Barclays account with one of those things, you also have to use it when you go into the branch too. I can't be bothered to find it so would last time i moved money between my Barlcay and to my First Direct account, I did it via the high street branch.

 

As for banks, go to First Direct, i can call them up, move my money and probably set up a DD before the kettle has had a chance to boil. I Love First Direct!!!

[localzuk]

I don't see the problem here - would you rather the system be more insecure and allow people to get in and transfer all your money out without any '2 factor' confirmation?

 

I know I wouldn't!!

[SpuffMonkey]

Had one of these for a long while with Nationwide - it is a bit inconvenient, as I have to remember to have the appropriate card with me when I'm doing any payments. Apparently I'm going to need it just to login shortly as well - which will be a pain. Ditto the First Direct comments - they were always a pleasure to deal with, but I gibbed when they wanted £10 a month for my business.

[fafster]

I don't see why they don't make these into an app for android/ios.

[LosOjos]

I don't see why they don't make these into an app for android/ios.

 

How would your phone read the card?

[Dos_Box]

My problem is not the extra authentication (that is a good thing IMHO, rather that fact I now have to type things out twice. Once online, and once into the keypad to get the authentication number. It's a bit of a faff IMHO. I'd be willing to pay for a USB model if it integrated with the website TBH.

Instead of a alternate way of doing something it simply makes you duplicate the process, in a not very useful way.

[jamesb]

Instead of a alternate way of doing something it simply makes you duplicate the process, in a not very useful way.

 

It's always surprised me that they don't generate a short hash of the transaction to enter into the pin thingy instead, rather than making you re-enter everything.

[Soulfish]

I have to say that Natwests use of two-factor authentication makes most sense to me. You're only asked to use the card reader if you are adding a new payee, and the first time you pay that new payee. If the payee already exists and you have already paid them you don't require the card reader, and when you login you don't require the card reader.

 

Nationwide however has a system that constantly frustrates me. Even more so now that they're making it a requirement that you use your card reader to login, and are required to use the card reader for each and every transaction.

[maniac]

Smile - the online bank from the co-op issued these a while back.

 

http://news.co-operativebank.co.uk/img/C762/reader.jpg

 

They work differently to the lloyds one as they only respond to a simple string of numbers the on-line banking site puts out. Still an inconvenience, but better than the lloyds design it would seem.

[BatchFile]

It's always surprised me that they don't generate a short hash of the transaction to enter into the pin thingy instead, rather than making you re-enter everything.

 

That's what the Natwest one does methinks....

 

Smile - the online bank from the co-op issued these a while back.

 

http://news.co-operativebank.co.uk/img/C762/reader.jpg

 

They work differently to the lloyds one as they only respond to a simple string of numbers the on-line banking site puts out. Still an inconvenience, but better than the lloyds design it would seem.

 

...... and that one to by the looks of it! it's a case of: Insert card, enter pin, enter number from online banking site (the hash, I assume), type in number reader works out. Simples (squeek!)

[GREED]

Have had to use one the Nationwide for the past year now. TBH I can't see a problem, anything that makes it more secure is a good thing. Compare this to Egg who just require address, DOB, Mothers Maiden Name and a password that can be as simple as you like to access your account.

 

Nationwide are changing their login from december so you have to use this, which previously you didn't.

[ZeroHour]

RBS have them and I have had mine for a while, the only real time I need to use it is to setup a new PAYEE not to actually do a transfer to them after that point which seems sensible as if they hackers got into my account they could only transfer money to my sister or any premade ones I created.

[rlweb]

Natwest have one of the best online banking systems so far. I have one of those card reader things but only have to use it when setting a new payment place or DD.