[plug] Banks Online

[Christian]

On Thu, Jun 29, 2000 at 03:54:59PM +0800, skribe wrote:
> At 14:01 29/06/00, Christian wrote:
> >  I use ATMs and I'm not at all convinced that they are
> >secure but they're too convenient for me to give up now...  Still, I do
> >think Internet Banking is significantly less secure than ATMs so I aim
> >to hold out for as long as possible. :-)
> 
> I disagree with you on this.  I think the relative risk is lower.  At least 
> as far as my bank is concerned it is.  My account doesn't allow me to do 
> anything but check balances and transfer money into a prior approved 
> account (approval requires signatures and details on bank form).  So even 
> if someone does break in all they can do is inconvenience me.  They can't 
> actually steal the money.  The approved transfer account is with another 
> bank and hasn't been set up for IB.  Once you break into the ATM account 
> you can pinch $1000/day up to the limit of the account.

In this sort of arrangement the loss you would incur would probably not
be significant so I would agree with you.  But then again, in a few
years time when you are downloading digital cash to your smartcard over
the Internet, would you trust today's security mechanisms currently
being used by banks?

Regards,

Christian.