Fragileįinally, the devices are reportedly too fragile to be carried around without smashing. With other banks, it's possible to skip the unique number process and log in with personal information and online banking PIN numbers alone, ideal if you're away from home or the device is lost or broken.Īccording to some reports, HSBC have been just as slow to replace the devices as they were at rolling them out in the first place which, given that there's no other way to log in, leaves consumers internet banking-less altogether. The little keys are tied to a particular person, too, leaving many households with several devices to keep track of. Steps to log on to HSBC's online banking using Secure Key Mandatory for loginĪt launch, HSBC immediately made Secure Key a mandatory part of logging in to online banking. The latter is a particular problem in combination with the second fault. Many customers disagreed not least because having two PINs means having to remember two and increasingly the likelihood that they'll be written down or, if not written down, forgotten. HSBC argued that a second PIN made Secure Key safer than rivals' card readers because PINs could be guessed or 'shoulder surfed' by fraudsters. When they did get them, HSBC customers found three major flaws with the device.įirst, it required a second PIN code to get the unique six digit passcode to access online banking, as opposed to using the card's normal ATM code as other banks do. HSBC didn't do themselves any favours by seemingly botching the roll out of Secure Key in March last year, leaving many unable to log in to their online bank accounts because they hadn't received a device. However, some aspects of the new security device were botched while others clearly hadn't been thought through from the perspective of customers. "Keeping your PIN and passwords secret is vital and this is why we have added the Secure Key to our range." "Customers are the first line of defence against online crime and can do a huge amount to ensure their accounts are safe from cyber criminals," said Chris Pilling, the head of HSBC's customer security development, at Secure Key's launch. The consumer group used the presence of a security device as a benchmark for success: the top four banks all used the devices. When Which? last looked into the safest online banking services HSBC came fifth. The more difficult to remember the greater the chance they'll be noted down. The problem is compounded if, to make them more secure, passwords are changed frequently. It makes sense to have a system that doesn't rely on passwords which, inevitably, end up being written down or personal information, which can be easily obtained. Most financial services providers, as we review here, including Barclays and Nationwide have managed to introduce second level authentication for their online banking services without driving their customers mad. HSBC Secure Key: second level authentication
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