Bank account access: not very secure...
Discussion
Wasn't quite sure where to put this, so feel free to move this mods ...
Just a heads up really
My mother has recently been moved into a nursing home, and I have gained Lasting Power of Attorney over her financial affairs. After a lot of faffing about, it turns out she actually has seven (7) bank accounts, so the first thing I did was to try to consolidate those into one account, so that her nursing home fees could come straight out of that account (while we sell her home, which will pay for it for many years to come).
Most of the banks were fairly much as I expected - needed to see the original LPA or a certified copy. I did, however (because that's a pain in the arse) try to set up Internet banking with some of them first, thus bypassing the need for the paperwork. Obviously, this didn't work with most, but ...
...one bank let me set up Internet banking with them with simply the account number, her address and DOB, and her maiden name. Now I realise the account number might be tricky to get hold of, but all of the others are a matter of public record.
If I'd been a fraudster, I'd have just helped myself to 34K. I did write to them (with a photocopy of the LPA, not a certified one, I wasn't wasting one on that) and explained my concerns, but I haven't had a reply.
I'm not going to mention the bank here for obvious reasons (it's not one of the High Street ones, but it's a pretty big one), but my reason for posting this is that if anyone has elderly (or otherwise) relatives, who haven't set up IB on their accounts, they suggest to them that they do so, even if they never use it.
Just a heads up really
My mother has recently been moved into a nursing home, and I have gained Lasting Power of Attorney over her financial affairs. After a lot of faffing about, it turns out she actually has seven (7) bank accounts, so the first thing I did was to try to consolidate those into one account, so that her nursing home fees could come straight out of that account (while we sell her home, which will pay for it for many years to come).
Most of the banks were fairly much as I expected - needed to see the original LPA or a certified copy. I did, however (because that's a pain in the arse) try to set up Internet banking with some of them first, thus bypassing the need for the paperwork. Obviously, this didn't work with most, but ...
...one bank let me set up Internet banking with them with simply the account number, her address and DOB, and her maiden name. Now I realise the account number might be tricky to get hold of, but all of the others are a matter of public record.
If I'd been a fraudster, I'd have just helped myself to 34K. I did write to them (with a photocopy of the LPA, not a certified one, I wasn't wasting one on that) and explained my concerns, but I haven't had a reply.
I'm not going to mention the bank here for obvious reasons (it's not one of the High Street ones, but it's a pretty big one), but my reason for posting this is that if anyone has elderly (or otherwise) relatives, who haven't set up IB on their accounts, they suggest to them that they do so, even if they never use it.
sim72 said:
...one bank let me set up Internet banking with them with simply the account number, her address and DOB, and her maiden name. Now I realise the account number might be tricky to get hold of
Not if she ever writes cheques.That sounds more like a seriously dropped b
k than lax procedures, tbh - I can't believe that ANY bank would choose to be SO st...(Actually, I can in many ways, but not security)
sim72 said:
If I'd been a fraudster, I'd have just helped myself to 34K. I did write to them (with a photocopy of the LPA, not a certified one, I wasn't wasting one on that) and explained my concerns, but I haven't had a reply.
MrBarry123 said:
sim72 said:
If I'd been a fraudster, I'd have just helped myself to 34K. I did write to them (with a photocopy of the LPA, not a certified one, I wasn't wasting one on that) and explained my concerns, but I haven't had a reply.
Plus - if you can enable internet banking that easily, I imagine you can also create a new account via the internet banking? And if you've already created this "safe" account - it's going to be a lot easier to appear as if you are the bank.
ETA : Obviously the reason I don't scam people is because I wouldn't be very good at it - getting them to move money into another account in their own name would be fairly pointless! But still - I agree with the OP that it's not good.
You can set up internet banking fairly easily but you cannot do anything regarding moving funds without pass codes and pin numbers, both my my accounts require a pass code and pin number which are sent separately a few days apart. Mobile banking also requires you to input a pass number on one of the banks ATM's before you are able to transfer funds
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