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Phone banking not for me


Evil Sid
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Being one of those people who know That my computer system is not very secure, despite efforts to the contrary, i was not surprised to learn that the new mobile banking app from natwest that lets you get money out of a cash machine without a debit card is being suspended "for a planned update". This has come about after customers complained that money was missing from their accounts. in one case nearly £1000 was withdrawn using the app. The particular customer had not applied for the app or signed up for it and was stunned when it was suggested that he had given his details to somebody else. He was eventually reimbursed.

 

So check your bank statements carefully if your bank is offering such a service.

 

below is a link to the article on the bbc website.

 

http://www.bbc.co.uk/news/business-19857243

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I am curious as to how this app. works. Firstly, what information is needed in order to set up or link the application to the proposed bank account, and secondly, what information is needed in order to successfully use the application such as cash withdrawal.

 

I don't think I would ever trust using my phone as a means to withdraw cash of a means of payment. I know many people who use that Barclay contactless debit card. My understanding of it is that a person just simply swipes the card near a till and it can charge the account of anything up to £20. No pin or signature required (correct me if I am wrong). Imagine forgetting to sign out of an app. and losing your phone or even losing the card. It's asking for trouble.

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I simply refuse to do any form of online banking. It can never be 100% safe to do so with all the hacking that happens and which seems comparatively eay for someone with the know how. Any form of electronic banking is risky.

I prefer to stay safe and just use my little debit card to withdraw any amount of money from the bank as and when I need to outside of normal banking hours. Also it's only the big city stores and malls here who accept credit cards so a credit card is not an essential accessorie here. Cash is the normal trade transaction mode here.

It is very common here to see traders counting a wad of bank notes in the street, or even just holding a fistful of money without paying heed to anyone nearby or passing. It isn't possible to do that in the uk because there is always someone there who would snatch it and run like hell! :wink:

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I use online and phone banking all the time - I have to with being away from home so much. I'm not sure that I would use the Natwest system though, it sounds a bit leaky to be honest! I do subscribe to an identity protection service which keeps tabs on my financial affairs and would warn me of anything dodgy happening.

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I use online banking and it is very useful indeed for transferring money and to pay bills and credit cards. The thought of using a phone application makes me nervous as I feel there is a lot of development needed before it is safe way to manage your money. Like I said before, there is always a risk of losing a phone which can store a lot of important information.

 

Like any modern technology these days, there are always way to reduce the risk.

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Oh yes, I wasn't suggesting that it was fool proof. I even felt a bit nervous about using my Starbucks app. on my phone because a) if my phone went missing, somebody could use my credit quite easily and B) Starbucks is over priced and I didn't want a new gadget tempting me to buy more coffee.

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Ha ha, sorry Cleo I use Nat West misread Asps post, :oops: It's hard to read as I am travelling south on the M6 and using my phone,

 

Before any of you start I am a passenger in the car :wink:

 

You should post from the car more often...... not one spelling mistake!! :D :grin:

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