Internet Banking

  Old Shep 22:44 11 Jul 2004

With all the security scares doing the rounds yet again is it really safe to manage your bank account on the Internet bearing in mind that all the banks presumably keep your records on a computer.

  Forum Editor 23:33 11 Jul 2004

is safer than managing it by phone, certainly. When you are online to your bank you are connected via a secure session that is 128bit encrypted. If all the registered members of this forum sat down with electronic calculators and worked 24 hours a day for the rest of their lives they would not succeed in cracking that level of encryption.

The danger lies in keeping records of your username/password combination and your account number(s) on your hard drive. That's a very foolish thing to do, and if they're compromised you can hardly blame the online banking system.

  €dstowe 08:36 12 Jul 2004

I'm very old fashioned in this. I actually go to the bank branch. Perhaps I'm lucky that my bank is only a few doors away from my studio.

For reasons I am uable to explain, I have always had a deep distrust of my money being handled via the phone line or the Internet. Perhaps this distrust is now becoming justified with all these security scares.

(In which part of the computer do you insert cheques to deposit?)


  [email protected] 09:06 12 Jul 2004

When people mention having username/password combinations on your computer do they mean on a document or "saved passwords" in the same way as I have saved my password to get into the PCA site.

p.s. €dstowe

Luckily I have a special "usb external cheque inserting device" attached to my PC - If you ever need any cheques inserted just send them my way :-)))

  CurlyWhirly 09:37 12 Jul 2004

Forum Editor

I agree with you regarding how safe 128 bit encryption is but correct me if I am wrong but the real risk is someone having a keylogger trojan installed on their PC which monitors what keys are pressed on the keyboard BEFORE they get sent to the internet bank using 128 bit technology?
What I mean is that there is NO encryption on the PC itself only when the information gets sent from the PC - Is this right?

  Old Shep 10:29 12 Jul 2004

I would agree entirely with what you are saying and I realise the banking sites are secure sites https:// However the reason for my post which I do not understand is the point CurlyWhirly has made in that keyloggers can pick up on what keys you press when inserting the password. With my bank Barclays they changed part of this system whereby you use the mouse instead of the keyboard. Obviously I do not keep these passwords on my computer (they are in my head) but are they stored on a cookie? which can be got at.

  spikeychris 11:13 12 Jul 2004

If a computer could guess 1 trillion (1 followed by 12 zeroes) keys a second. On average, it would take around 2 million million million (2 followed by 18 zeroes) years to guess the key.
Banks and Internet selling company's do not store your Access Code, User Id or Password in your cookies just the last access info ETC:

  Old Shep 11:29 12 Jul 2004

I am probably even more confused now, you say they do not store the access code but if this is so how does it know if you log on with the wrong codes.
Whilst I am here I should apologise to you for putting a 'sexist comment' in one of your threads (mine was removed) there was no intent on my part to offend anyone I think I just got carried away with myself and did not think through what I was putting. Being a brash yorkshireman it did not sink in until Nellie slapped my wrist but again my apologies.

  Sapins 12:32 12 Jul 2004

€dstowe, you can use a CD drive if the cheques are the round type i.e. when you write one it comes back round to you LOL

  spuds 12:38 12 Jul 2004

Internet banking is the way of the future, or at least that is what 'commerce' lead us to believe. Recently I tried an experiment with a loans process, using different on-line finacial houses. Same details went into the systems, but it was very surprising on the end results. I followed this up with personal enquiries via letter and own presence,in which I put the same questions as per my on-line submissions. Strange results really, and I am still confused to this day on how the computer and human touch made the difference to exceptance and rejection to an application.I asked each of these finacial outlets, how they considered, and what was their criterias between their decision making.Most of the banking outlets would not answer the question on their decision differences.

The same thing applies to my local bank. I know what the opening/closing times are, and I transact business to suit those times. But how many times in say a yearly span, have you tried to get into your on-line account, and found that cannot. Recently I tried to pay a credit card bill well before the statement pay by date.The bank system was unable to take the payment and refered me to a telephone number and a human presense.And this was one of the UK's biggest banking companies.

  spikeychris 12:59 12 Jul 2004

"how does it know if you log on with the wrong codes." You log in with a combination of a user-name and password that are stored on the banks 128bit encrypted system. On mine I also have to input a combination of a code I entered when I took the account on, it asks for the 1st 3rd and last letter or 2nd 4th ETC.

There is no information stored on the cookie that could be retrieved to gain access to your account.

BTW be grateful she only slapped your wrist :)

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