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Are you happy to jump through hoops for telephone banking?

Pomeranian jumping through a hoop

These days, there are more ways to bank than ever. You can do it online or by using apps on your smartphone, but whatever happened to the good old-fashioned phone call?

For years before I set up my online banking, I used to trudge down to Barclays on my lunch break for everything from paying rent to transferring money.

And what a pain it was! Eventually, the inconvenience made me get into gear and get savvy with online banking. However, on the odd occasion, I still find it handy to be able to ring my bank.

Safety over time-saving

You might have a question about your bank account that can’t be answered online, or you might just want to speak to a real person. I usually call the bank because I’m not at a computer, or because I can’t find my card reader to access online banking. But it’s important to remember there’s a significant proportion of people that aren’t able to get online, or don’t want to, for that matter.

While online banking often requires a card reader or small key pad to generate a unique security code, telephone banking relies on pre-set up telephone banking passwords or codes. If you haven’t got your codes or if you’ve forgotten them, you can end up answering a series of questions to prove you’re really you.

The whole process with online or telephone banking can be annoying for the customer, as they face a long test to get past the numerous security measures. But are you willing to jump through all those hoops to keep your bank accounts safe and secure?

More importantly, do you think your telephone banking security measures go far enough? For example, when you go through security questions with your bank over the phone, do you think it would be easy for a potential fraudster to answer them in your place?

Grizzly says:
24 July 2013

Issue with Capital One and Sky asking for full passwords on the phone. Is this common? Others, like FirstDirect and HBOS only require a couple of characters.


This does sound unusual – are you certain that you are in fact speaking to the companies concerned, or are you responding to an unsolicited call which could be from anyone?

I would suggest that you obtain their official number – perhaps from http://www.bt.com or some piece of corrrespondence you have had from them and then phone them on that, to verify what their procedure is.

That would be easier than possibly giving personal information to a third party and then having to resolve any resulting problems.

Stay Safe!