I think it may be time to leave NatWest.
They are introducing “Chip & PIN” style card readers for customers to use with their online banking service.The reader (which is apparently only used for some transactions) takes your card, your PIN and an authorisation number on screen and generates an authorisation code which must match one on the screen.
Now, NatWest claim this adds an extra level of security to online banking. I disagree. I think it adds an extra headache and a whole lot more hassle to a system which is an actual fact, pretty secure.It also means I have to carry my card reader around if (for instance) I want to do banking from work or a friend/family’s computer. And I can tell you now, I do NOT want to be carrying this thing around with me all the time.
Aside from the hassle of just carrying the thing around with you (and risking losing it), the instructions on the NatWest site are likely to confuse the hell out of most people.
So instead of spending our money on clever looking gadgets that make online banking even more complicated, why don’t they just invest it in a high profile anti-phishing campaign. Because that’s that’s the real problem here – and I’d bet good money that most NatWest customers don’t even know what phishing is.
Still – I can’t help wondering if this thing is hackable…