It has been quiet a while since i have been using Internet banking channels and i have seen them evolve over the years, but it has evolved so much that it has become confusing and at time stupid. When Internet banking started with icici i stopped using my psu bank accounts. they still lie dormant. For someone like me who is essentially a lazy person Internet and mobile banking has been the biggest boon.
Initially the online banking security system was quiet simple, a id and a password and you are done. It was quiet risky then anyone who gets access to these two can empty your account. Many people at that time will do setting with the courier people and got access to this details. But now even the card and the id password as sent thru separate courier. So its now more secure.
Most banks now has sms verification, you are sent a code that you need to add when you are adding a new account for transfer, its simple and logical. Thou sometimes the sms takes too much time to be received particularly with icici bank. Stanchart is fast the minute you press add the sms is in your inbox, may be because of lesser traffic. Icici has also an extra transaction password plus you need to have a debit card and have to use the grid at the back of card to validate it. This three way verification is quiet robust and thus you dont get phising emails these days. Because phisers know that having an id and pwd is not enuf.
The reason for this post is HDFC bank, sometime back it has upgraded its security system and it is such a novelty that even CIA people would be ashamed. Thou its a good thing but there are simpler ways to do as other banks have done. I haven’t been using hdfc for a while other than to clear my credit card bills so i wasn’t aware of the new system.
They had in the past asked me many questing like what was my first fridge name, Tv name, which floor on the house i live and some other 10 to 20 questions. They asked me to choose an image from many images and asked to write something about it. So recently after many months when i added a new account for NEFT transfer they bombarded me with this questions, it asked which floor do i stay, i wrote first floor it rejected it, gave a second change i wrote “1st floor” it was rejected may be i had earlier written only “first”. I dont know what but it was rejected i thought now my id and pwd will be disable and there will be lot of headache to retrieve it. But it took to a new screen and it listed all three numbers of mine that was registered with the bank and they asked to choose one number, i choose 1 of the number and a automatic call was initiated to my cell when i receved the call the voice spoke to press the number thats visible on the computer screen and i did so and my adding of the neft beneficiary was over.
I thought thats cool, kind of high security scifi stuff. But the questing answer thing was a put off. They could have just done a simple sms verification, why all this complex procedure…
i guess i wrote a lot, if at all someone is reading one might be bored to death..