Secure Key

[mike11111]

Just had a letter from HSBC saying they are upgrading personal internet banking security. This involves the use of a Secure Key which is supposed to generate a new security code every time it's used. How does this work; I mean, how does the bank know and is able to authenticate the code that this gizmo generates?

[dr b]

I have something similar with Bank of America (across the pond, obviously). BofA sends me a text message with a code which I then enter online. I think there is some other option to get the code but it is far less convenient than getting a text (unless I've left the phone in my car, in which case it is a royal pain).

[wolf63]

Abbey do this and it is actually simple and not at all complex which is a total surprise.

If I do something like change a standing order they text me a short code that then type into a box on my PC screen.

It is going to get to the stage that it will be simpler just to go to the branch. ;-)

[gingejbee]

Barclays have been using the similar PINsentry for ages. Others will have the techie answer- but, it works faultlessly. That's enough for me.

[secsee1]

Several banks and building society's have this now it's a small card reader sent to you free, you simply insert your card, punch in your pin number
and it generates a code that you enter online instead of a password, it works fine but just how it does it is a mystery

[ChuckFickens]

It uses the time, date, serial number of the key and, optionally, a PIN to generate the number you have to enter.

The banks computers can then easily tell if it's a genuine number that you type in based on the serial of your key (and pin if included) and if it has been generated in the last 10min or so.

[vivandorron]

Until I am unable to move from the house and get to a branch of my bank, I shall continue to avoid Internet Banking; which I find too complicated to comprehend and a slight distrust that it is 100% secure. I'd much rather telephone or write via surface mail, if it's a matter of amending standing orders etc. I am still able to use my Debit card for on-line purchases and one can't pay cheques into a bank via the Internet.

Ron.

[gingejbee]

Ron: I have neither written, nor received, a cheque for years. They won't exist soon.

[vivandorron]

I understand that questions are being asked in Government about Banks proposals to do away with cheques. What are people without Computers going to do if all transactions must be done on-line.?

Ron

[mike11111]

Thanks for answers so far. My Compaq Presario CQ60 doesn't appear to have a card slot. Does this mean that I will no longer be able to do internet banking?

[gingejbee]

mike: I think you misunderstand. You will be sent a card reader - bit like a small calculator. It is not connected IN ANY WAY to anything else. Put your card in, enter PIN, it generates two four-digit numbers which you tap in on your computer keypad. Like magic!

[mike11111]

You say, "Put your card in...", but put it in where? The on-line demo doesn't mention anything about inserting the cared into the laptop. As I have said, there is nowhere to physically insert it.

[buildersmate]

Mike, there are (at least) 2 types of system. Some are not used in conjunction with the bank card and they have a single button to press that creates a code number that displays on a little LCD screen (HSBC operate this - but may also operate other systems). You then type the number into the computer.
The other type has a card reader with a card entry slot into which you put your debit card. You then have to enter a code (in the case of Nationwide, it is the 4-digit PIN of the card that goes in). The device then produces a code number on the LCD screen, which one types into the computer. This provides the bank with enough evidence that you must not only be in possession with the bank card, but also the PIN and the card reader unit.
In neither case does the card or the device physically connected to the PC.