What is the safest way to make money online
By Lee Boyce for Thisismoney. TSB named by Which? TSB has been named the bank with the worst online security systems alongside Santander, Lloyds and Halifax, according to Which? After recent tests conducted by the consumer group, it slammed the four high street giants for consistently scoring poorly since it started analysing security measures for current account customers four years ago.
It says the best banks in its tests use two-factor authentication without it being too 'onerous for their customers' adding that there was 'no excuse for others to sacrifice security. So which are the safest banks?
We delve into the figures to reveal the results. What makes a bank safer? Two-factor authentication at log-in combines two different types of ID checks - typically something you know, such as a password or Pin, with something you have, such as a card reader or a mobile phone or device on which you get a single-use passcode. So for example while you can log in to First Direct or Nationwide's banking with just a Pin code and password, to make payments to new people you need to generate an extra code using your mobile or a special card reader device.
It may seem like a pain when you are using it but two factor security aims to protect people against fraud. One warning for online banking users is that some two-factor systems do still allow people to log-in and see details with a Pin and password. Hackers who are able to penetrate first level security at log-in can access sensitive financial details, such as previous payments, which they can then use to convince people they are talking to their bank.
This is a tactic often used by scammers, so always question whether someone calling you up really is your bank, even if they cite specific information. However, just five of the banks tested by Which?
As a result, TSB, Santander, Lloyds and Halifax all scored badly in the tests — and Which?
How were the tests conducted and why? More people are choosing to switch their current account thanks to rules brought in which make it a smoother process — a large majority of these are likely to have been lured in by decent interest or bonus offers. However, many may not consider the security aspect of a new current account. Before signing up, it is worth asking a few basic questions: If not, why not, and what alternative measures are in place?
The report from Which? Your bank needs to be secure and also protect you from fraudsters who are increasingly targeting the weak link in the chain - humans. So banks that can do something to prevent you from being convinced to send money to fraudsters or fall into their traps are a wise option. This was a cornerstone of This is Money's campaign to make banks do more to warn people about vishing phone fraudsters - something many now do.
Alex Neill, managing director of Which? This included logging in via a browser, adding a new payee and transferring money. It also looked into password complexity requirements, customer facing encryption, navigation and the logout process. The results were then analysed by security consultancy firm SureCloud. First Direct topped the table with a score of 78 per cent, followed by HSBC at 76 per cent and Barclays at 75 per cent. TSB, bottom of the table, scored just 56 per cent, followed by Santander 59 per cent and Lloyds Bank at 62 per cent.
Online and telephone banking fraud has ballooned in recent years, figures show. What do the banks say? A TSB spokesman said: A Lloyds spokesman said: The results come as bank fraud booms.
Last month, the consumer group used its super complaint powers to call on the financial regulator to investigate whether banks could do more to protect people who are tricked into transferring money to a fraudster.
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