Dream Weaver

Anyone else had one of these gizmo's in the post today?

Like a small chip and pin reader, that looks like a calculator - you use it when online banking to generate random security numbers, quite cool

Snazy

Heard they were doing them, looking forward to getting one if I do lol

How does it actually work, does it say.
Read on the nwolb site about it, but details were vague.

AndrewC

I have one for my RBS Online Banking.

Sometimes you get given a security ID which you type into the 'calculator' with your card in it and it generates a token which you must enter as a response.

I presume it's cheaper/easier to administer than RSA SecureID.

Andrew...

Snazy

Aaah sounds interesting, what is it, a USB device ?

Dream Weaver

No, its stand alone - I honestly thought it was a free calculator when I got it

Just put your card in, enter an auth number, then it gives you a unique ID to use as Andrew says.

Scooby Soon!

So you have to carry it everywhere with you? otherwise you cant use internet banking?

Will have to make sure i dont get a natwest account!

Spec'c'57

iTrader: (1)

Yep you would need to carry it if using banking elsewhere, have had one for a few month's with the business account. fairly simple to use.

Altho saying that. it is only required to make transactions such as payments so if yoiu just wanted to check account details that can be done.

Snazy

Aaah sounds interesting
I tend to only use my account in 2 places, so dont see the harm.

Actually nice to see a bank investing in its account holders.

rgv_stu

girlfriend has one from barclays aswell, and complains like hell having to carry it around all the time.

Dream Weaver

As Spec said, you only need it for authorising payments from the account, you can still check your account balances etc online without it.

I'd never check a bank account on anything other than my own PC's though - surely if you're out and about its quicker to just visit a cashpoint rather than somewhere with a PC?

boxst

Hello

I have had one for a few weeks -- and haven't had to use it yet. I hope it will just be to set up new payees, although when it is required is a bit vague.

To me the whole point of internet banking is that I can perform tasks such as paying bills etc.. where-ever I am without having to take anything around with me so I hope it just stays as adding payees otherwise I will move my bank account.

Steve

Scooby Soon!

I check my bank account all over the place, no reason why not to?

Cash points I tend to avoid as there arer far to many skimmers etc

XRS

I have the RBS version and I've only needed to use it to set up new payees. Not been asked to use it when paying those already on the system. Not tried the NatWest one yet, but everything else is the same so I'm expecting that to be too.

bonerp

see here :

Recursive » Blog Archive » Why I might leave my bank: The NatWest Card Reader

Highly amusing!
I work(ed) for Nationwide and soon they will be issuing them too. I think its a good idea to prevent account takeover and another step to reducing fraud.

Freak

Will be losing my custom and credit in their accounts if they do....
Dad had one arrive for his RBS account- thought it was a calculator. When he told me what it was I thought what a waste of time.
I travel a lot- so if I have to carry such a piece of **** around with me, it completely defeats the purpose of online bank access. I am very often logging on from various places (always using my own laptop mind...never a public accessible computer) to pay or transfer stuff- and I am not a muppet or naive about internet security either.

Not to mention I don't carry all of my cards around with me all of the time (I simply have too many). I log on, and I can access my money without having my card with me. Not anymore with this piece of crap.
Way to go

Snazy

By the sounds of it, they are becoming more common within banking. What if they are all introducing them, what will people do then.

Dream Weaver

If they all do it then they need a universal machine. I'd like to know if they are 100% uncrackable though as its pointless without that.

Doesn't bother me using one, but I can imagine for someone who travels it would be a pain - banks have to counter fraud somehow though don't they?

bonerp

they [I]are[I] universal. The decoding is the same, its just the branding that differs. So an RBS reader will work with a Nationwide card and vie versa. The reason the big ones get them out first is so their names are at the top of your wallet!!!

EVERY bank is looking at them as its a APACS and VISA/Mastercard recommendation.

If I were you, i'd stay with those launching it now as their systems will improve, whilst with the new boys, you'll have to go thro that pain each time and suffer the mistakes all over!
P

bonerp

also just to add to this, fraud costs £Billions each year to every bank! Don't say 'ah shame' either, cos at the end of the day, YOU pay for it!!! This removes another access point for crims!

Snazy

How true
Im all for them tbh. If it keeps my money safer, its no big deal

Dream Weaver

If they are universal, why is it only my Natwest card that works in the reader? All other cards I've tried it just comes up with "Wrong card"

Brit_in_Japan

I've had the Natwest card reader for a few months now. You don't need it to check balances or make transfers between accounts, but if you want to make a third party payment or set up a new standing order, that's when you need it. To date I've not needed to do that away from the house, but the first time I do and I don't have my card reader with me I'll be cursing the damn thing!

I think pretty much everyone will be going the same way sooner or later.

bonerp

Dream Weaver,
Because your other cards either haven't got the application on the chip yet, or they haven't been activated.

Some banks may have certain accounts in use, like their popular current account debit cards for example, but the others will remain dormant until they are ready to activate it.

Like everything there is a cost involved per number of cards activated. Banks will only add their cards once they meet a critical mass on fraud.

I will admit comms haven't been good, especially from the processors (VISA etc), but this may simply because of suppliers inability to get everyone rolled out in a short space of time. If everyone was told today they be getting a card reader sometime soon, but your bank didnt issue it til Feb 09, you probably wouldn't be that impressed. So silence is the best way!!!

P

MattN

But these card readers are not required for checking your balance???

So it's not an issue - go get yourself a NatWest account.

bonerp

you on commission haha?