A recent investigation by Which? has identified security vulnerabilities in the online banking systems of some UK banks.
Description
TSB and the Co-operative Bank were found to have weaknesses in their mobile app and online security [1], including issues with data handling, password requirements [2] [3] [6], and text alerts. Lloyds failed to automatically log out users after a period of inactivity. NatWest and Starling Bank were praised for their strong security measures, with Starling Bank and NatWest/RBS ranking highest for online security [5]. HSBC received top scores for mobile banking security. The study assessed the security of 13 current account providers’ apps and websites [4] [6], focusing on login procedures [4], account management [2] [4], and navigation [2]. While most banks had multi-layered security measures [4], some had lower security ratings [4]. Barclays ranked second in mobile app security but had unresolved website management issues [4]. Deputy Editor of Which? Money [4], Sam Richardson [4], highlighted the need for improved fraud prevention measures and suggested appointing a dedicated fraud minister [4]. The banking industry emphasized its commitment to preventing fraud through cybersecurity measures and data sharing [4], urging customers to remain vigilant and report any suspicious activity [4].
Conclusion
Banks must address security loopholes promptly to protect customers from potential scams. Improved fraud prevention measures and a dedicated fraud minister may be necessary to enhance security in the banking industry. Customers are urged to remain vigilant and report any suspicious activity to help prevent fraud.
References
[1] https://www.birminghammail.co.uk/news/cost-of-living/tsb-lloyds-bank-customers-who-29050297
[2] https://www.which.co.uk/policy-and-insight/article/which-reveals-best-banks-for-online-security-and-those-where-gaps-could-help-fraudsters-get-their-hands-on-your-cash-ariKp6k2pV45
[3] https://uk.news.yahoo.com/lloyds-tsb-co-op-bank-061532545.html
[4] https://www.express.co.uk/finance/personalfinance/1891696/banks-told-address-online-security-loopholes-could-leave-customers-risk
[5] https://www.thenational.scot/news/national/24274275.urges-banks-address-online-security-loopholes/
[6] https://www.gbnews.com/money/tsb-cooperative-bank-scam-warning-weak-online-security
