Topic: Banking Apps

[Simon]

Obviously I'm not asking for details, but does anyone here use banking apps, as opposed to online banking via a website?

I just tried the one for my bank, and usually I have to log in, then pass a second level of security before I can access my account, but with the app, after the initial login, the first line of security, ie the user name and password, seems to be bypassed as it's stored by the app, so you just log in with your 'memorable word' from then on. 

I kind of feel that this is less secure than having two levels of security, but maybe I'm behind the times?  Are the apps more secure than using a traditional banking website?

[GillE]

I use a building society online banking app (there isn't one for PCs!) which uses a remote card reader to initially log on to the IOS/Android device and thereafter relies on a password.  So far, no problems.

My greater concern is that the online companies with whom I trade are more likely to be victims of a cyber attack.  I therefore have two separate accounts, one for my normal financial transactions and one for online trading.  Before making an online transaction I transfer sufficient money into my 'online' account to be able to fund the trade.  Afterwards I make sure any funds remaining in the 'online' account are cleared back to my 'normal' account.

When I opened my online account I was offered an overdraft facility.  I declined this, for obvious reasons.

[Clive]

I can see you take security very seriously Gill.  Although I use online banking for everything, but apps don't work on any of my devices. 

[Simon]

I use a building society online banking app (there isn't one for PCs!) which uses a remote card reader to initially log on to the IOS/Android device and thereafter relies on a password.  So far, no problems.

My greater concern is that the online companies with whom I trade are more likely to be victims of a cyber attack.  I therefore have two separate accounts, one for my normal financial transactions and one for online trading.  Before making an online transaction I transfer sufficient money into my 'online' account to be able to fund the trade.  Afterwards I make sure any funds remaining in the 'online' account are cleared back to my 'normal' account.

When I opened my online account I was offered an overdraft facility.  I declined this, for obvious reasons.

I always use a credit card for online shopping - never a bank debit card or bank transfer.  This is because credit cards offer protection against fraud, which some bank accounts don't, so I do all my online transactions with a credit card, then pay that off each month from my bank account.

[Clive]

That's exactly what I do Simon.  I've just received a new 0% card which will keep me happy for the next 27 months.