Enhanced security for digital banking

[abbby]

Finally, something is to be done..in about 2 week.

- Removal of links in emails and text from banks
- Less than $100 limit for transaction notifs to customer
- 12 Hr delay before activation of new soft token on mobile device (this would be very useful for customers to have enough time to make report)
- Notification via email/call if there is a request to change customer contact details (very good !)
- Cooling off period before making key account changes
- Dedicated teams to handle customer feedback for fraud (should have done this 100 yrs ago!)

[Lisafuller]

Glad to see the banks taking sincere action, pity it took such a huge incident for something to be done. Last point is especially important, surprised they didn’t already have a team in place to handle such issues.

[PNGMK]

It won't completely work. The links will still be sent by scammers. Hopefully the SenderID issue will be fixed so the fake SMS's don't group with real ones. I'd personally like to see SMS deprecated altogether. It's an archaic protocol that needs to die.

[abbby]

Ya sender info is a big problem, that needs to be fixed. Banks are also not going to send non essential promotional emails/messages anymore and I hope this stays.

[Lisafuller]

It won't completely work. The links will still be sent by scammers. Hopefully the SenderID issue will be fixed so the fake SMS's don't group with real ones. I'd personally like to see SMS deprecated altogether. It's an archaic protocol that needs to die.

You’ve got your wish! Read that banks will be doing away with SMS notifications and clickable links altogether.

[Lisafuller]

Ya sender info is a big problem, that needs to be fixed. Banks are also not going to send non essential promotional emails/messages anymore and I hope this stays.

More importantly they've gotten rid of SMS notifs and clickable links. Now there won’t be a question of “is this a scam?” at all, simply delete and move on.

[sundaymorningstaple]

Ya sender info is a big problem, that needs to be fixed. Banks are also not going to send non essential promotional emails/messages anymore and I hope this stays.

More importantly they've gotten rid of SMS notifs and clickable links. Now there won’t be a question of “is this a scam?” at all, simply delete and move on.

Not true at all, I don't believe. Those elderly people who are semi-computer literate (eg., went through one of the CC computer familiarization courses they sometimes have) will know how to copy/paste the URL into their browser address field if the sms really smacks of something that touches their gimmie nerve. Bam. Scammer gotcha again. Can use any of the social media apps. Telegram, Whatsapp, Messsaging, email. There are always a few who cannot resist a good deal....

[smoulder]

Ya sender info is a big problem, that needs to be fixed. Banks are also not going to send non essential promotional emails/messages anymore and I hope this stays.

More importantly they've gotten rid of SMS notifs and clickable links. Now there won’t be a question of “is this a scam?” at all, simply delete and move on.

Not true at all, I don't believe. Those elderly people who are semi-computer literate (eg., went through one of the CC computer familiarization courses they sometimes have) will know how to copy/paste the URL into their browser address field if the sms really smacks of something that touches their gimmie nerve. Bam. Scammer gotcha again. Can use any of the social media apps. Telegram, Whatsapp, Messsaging, email. There are always a few who cannot resist a good deal....

Precisely why I said in another thread. Looking at one type of threat is a very narrow perspective. There's really a lot more that banks need to be doing.

They need intelligent software to detect, flag and maybe even stop transactions from taking place if needed. Along with teams that are constantly reviewing the way that the software is set up and another operations team that responds to customer calls and investigates transaction blocking when such an event takes place.

This coming from someone who is on the team reviewing such a method for one of the banks.

[Lisafuller]

Ya sender info is a big problem, that needs to be fixed. Banks are also not going to send non essential promotional emails/messages anymore and I hope this stays.

More importantly they've gotten rid of SMS notifs and clickable links. Now there won’t be a question of “is this a scam?” at all, simply delete and move on.

Not true at all, I don't believe. Those elderly people who are semi-computer literate (eg., went through one of the CC computer familiarization courses they sometimes have) will know how to copy/paste the URL into their browser address field if the sms really smacks of something that touches their gimmie nerve. Bam. Scammer gotcha again. Can use any of the social media apps. Telegram, Whatsapp, Messsaging, email. There are always a few who cannot resist a good deal....

True, but frankly I can’t imagine a situation where scams are no longer an issue at all. There will always be those who are uneducated about scams, or those who, like you said, cannot resist a good deal. My point is that getting rid of SMS links and notifs will do quite a bit to help reduce the effectiveness of SMS scams (and SMS scams only) since from smoulder I understand that there are many more scams than just SMSs.

[Lisafuller]

More importantly they've gotten rid of SMS notifs and clickable links. Now there won’t be a question of “is this a scam?” at all, simply delete and move on.

Not true at all, I don't believe. Those elderly people who are semi-computer literate (eg., went through one of the CC computer familiarization courses they sometimes have) will know how to copy/paste the URL into their browser address field if the sms really smacks of something that touches their gimmie nerve. Bam. Scammer gotcha again. Can use any of the social media apps. Telegram, Whatsapp, Messsaging, email. There are always a few who cannot resist a good deal....

Precisely why I said in another thread. Looking at one type of threat is a very narrow perspective. There's really a lot more that banks need to be doing.

They need intelligent software to detect, flag and maybe even stop transactions from taking place if needed. Along with teams that are constantly reviewing the way that the software is set up and another operations team that responds to customer calls and investigates transaction blocking when such an event takes place.

This coming from someone who is on the team reviewing such a method for one of the banks.

Having read your other responses, I see that cyber attacks really are multi-pronged. Perhaps then, my hope would be that at the very least getting rid of SMSs and then informing SGeans will reduce the scale and effect of SMS scams.