Facial recognition to be required for large bank app transactions

[Jun]

In my view, banking apps & technology reduce risk.

My main banking app puts a notification on my phone every time there's a transaction. So if my bank card gets cloned & someone is making transactions, I know about it immediately. I just wish other financial providers were as good.

If I want to transfer money to Thailand, my options are:
1 Carry several thousand pounds with me, change it and then pay into the Thai bank.
2 Visit an old fashioned bank branch, have them lie to me about the exchange rate and then steal over 3% of my money in fees for the transfer.
3 Log onto Wise & have the money moved in a few minutes for just over 0.5% in fees. Then I can logon to my Thai bank account to check it's arrived.

I think #3 is the most secure.

[Gaybutton]

I just prefer avoiding them because of the myriad of skilled hackers out there who seem to be multiplying almost as fast as these new technologies get developed.

I understand. Let me know when you hear about the first hacker that gets into someone's Thai online account and steals money from it. Also let me know when you hear about the first time someone pays a bill via online banking or via "scanner pay" and the biller claims the bill was not paid.

I know I won't change your mind, but I think you're being paranoid about the wrong thing to be paranoid about.

[Dodger]

......Let me know when you hear about the first hacker that gets into someone's Thai online account and steals money from it.

I first heard about it in October, 2021 when reading the Bangkok Post. (see below)

https://www.bangkokpost.com/business/22 ... nformation

[Gaybutton]

I first heard about it in October, 2021 when reading the Bangkok Post.

Unless I am misreading the article, doesn't it back up exactly what I have been saying - that these kinds of losses happen at ATMs and use of debit and credit cards, but not from use of banking apps? And the banking apps are what you seem to be afraid of. That's why I think you're being paranoid about the wrong thing.

The article makes one thing clear to me - change your password periodically. At ATMs it's a 6-digit numerical code.

I hope all the banks go to facial recognition not only for the apps, but also for ATM transactions. And in my opinion, even though it might be a little inconvenient, it should be for all transactions, even very small ones.

[Jun]

The article clearly refers to debit cards.

People have been cloning those since long before internet banking was invented. A bent retailer or employee can copy your card and pass on the details.

[Bangkokian]

If you lose the device, or it fails, that's zero internet banking until you jump through all the hoops to add a second device.

I'm wondering why SCB did this in the first place. As far as I know they've made it clear what they are doing, but I haven't seen anything about why.

The main reason why I won't give up on SCB is because they are set up to make it very easy to handle several bills online, while other banks either make it difficult or unavailable at all.

SCB did indeed give plenty of warning BUT I mistakenly thought it didn't apply to me as I used SCBEasy.com and not dot NET.
It DOES apply to me.
I went to the bank today and asked, for example, how to add more favourite people I pay occasionally -- "oh you have 6, that is maximum".
i'm sure I'll find more things I could do so easily online but not via phone.

[Gaybutton]

The article clearly refers to debit cards.

People have been cloning those since long before internet banking was invented. A bent retailer or employee can copy your card and pass on the details.

That actually did happen to me and it happened during a trip to Thailand - a holiday trip years before I came to live in Thailand. When I returned to the USA I found a letter waiting for me from my bank. They thanked me for having the good sense to inform them in advance that I was going to Thailand and if I use my bank card it will only be for purchases in Thailand.

That's how they knew that it was fraudulent use when there was an attempt to use the card to purchase US $2500 worth of perfume in Seoul, Korea. Because I had let them know, the bank lost no money and neither did I. It is very important when traveling internationally to let your bank's fraud department know where you're going, the dates, and how you intend to use the card. Obviously my card had been cloned. Of course the card had been locked, but I didn't even know it because I had not been trying to use the card.

For me, there was only one place that could have happened. I never had the heart to tell him, but I did use the card a grand total of once for a dinner at Richard Burk's Amor Restaurant. That was the only time I used the card during the entire trip. I know Richard had nothing to do with it, but someone on his staff did. Still, I never told Richard about it.

[KeithAmbrose]

Interesting. I have been told, officially, by my Bank, Lloyd's, that they do not need to know when I am going abroad.

[Gaybutton]

Interesting. I have been told, officially, by my Bank, Lloyd's, that they do not need to know when I am going abroad.

Maybe UK and American banks work differently when it comes to dealing with fraud, but if it were me, I would let them know anyway. Can't hurt and if something does happen, they can't say you didn't inform them.

[gerefan]

Interesting. I have been told, officially, by my Bank, Lloyd's, that they do not need to know when I am going abroad.

My bank in the UK (NatWest) still require it and have a link on their website which I recently needed to complete.