FNB is dropping email and SMS

[Thor]

Pressure from Capitec and BankZero

Capitec changed SMS to in-app notifications (saving the client the SMS cost)

 

[backstreetboy]

Pressure from Capitec and BankZero

Capitec changed SMS to in-app notifications (saving the client the SMS cost)

SMS is free on FNB AFAIK. At least was when I still banked with them.

 

[Mystic Twilight]

SMS is free on FNB AFAIK. At least was when I still banked with them.

Plot twist, it's either a hidden charge being rolled as part of the monthly fee or someone is subsiding your sms if you have no monthly fees.

 

[3WA]

If the customer does not have the FNB App or does not respond to the FNB App push message to approve their online purchase, they will receive the OTP via SMS, App messaging and by logging onto Online Banking messaging

They should give us the option to turn off the back-up SMS. If you're often away from WiFi, and a victim of SIM-swap fraud, you'll lose mobile data when the SIM is swapped, and then the fraudsters get the SMS anyway.

 

[Thor]

SMS is free on FNB AFAIK. At least was when I still banked with them.

There is no such thing as a free SMS.

 

[Athos]

If they are willing to go that far, you have a whole new set of problems. If you are being threatened most forms of security will fail. They might as well force you to reveal your ATM pin, then restrain or worse, kill you while they withdraw funds. Mentioning this since it happened to friends.

I agree 100%, this has happened to two people I know. Luckily they both escaped with their lives. One of whom now has two phones, one with the FNB app which stays at home and the second without any banking or personal information apps on it which he takes to work. Although I am not sure this is best because they could force you to install the app or just hurt you more or worst of all just kill you.

This is where we are headed. Regardless of the technology implemented, criminals will still get what they want.

 

[PsyWulf]

they could force you to install the app

They'd have to kidnap you for a week,or take you to the other device to authorize the new one

Many deterrents are not about being unbeatable so much as slowing them down too much to be worth it. The majority wants in/out asap. Risk increases the longer it takes for them too

 

[Athos]

They'd have to kidnap you for a week,or take you to the other device to authorize the new one

Many deterrents are not about being unbeatable so much as slowing them down too much to be worth it. The majority wants in/out asap. Risk increases the longer it takes for them too

So the guys I know work in townships in retail, so they are at high risk. The one was kidnapped (shoved into a boot) and held overnight where they cleaned him out literally. The other was simply held at gunpoint.

I suppose a second phone is the answer for them then, I forgot that installing the app isn't enough because you have to verify a new device.

 

[PsyWulf]

So the guys I know work in townships in retail, so they are at high risk. The one was kidnapped (shoved into a boot) and held overnight where they cleaned him out literally. The other was simply held at gunpoint.

I suppose a second phone is the answer for them then, I forgot that installing the app isn't enough because you have to verify a new device.

Yeah
Current comparable option is forcing the pin and card out of you,driving you from ATM to ATM and withdrawing till your daily limit is hit (if thats higher than the per-ATM limit)

 

[SauRoNZA]

It was very nice to have my Messages (SMS) sync between my Mac and Phone so that I could do transactions anywhere and it auto-completes without a fuss and I carry on with life.

So while I understand the security benefit I can't help but think there needs to be more than one channel that doesn't involve me picking up my phone to approve with an app.

I think of my father while he was disabled this would have made it near impossible for him to do any banking.

 

[markings]

Under normal conditions yes. Traveling and using the phone to take pictures the unlocking is an unbearable nuisance.

 

[Polymathic]

This has worked in similar way for a couple years now with certain vendors, looks like they are standardizing everything.

 

[PsyWulf]

Under normal conditions yes. Traveling and using the phone to take pictures the unlocking is an unbearable nuisance.

Bad example,you can take photos while locked on most (if not all) modern phones

 

[Polymathic]

Get her one with a fingerprint reader?

Lol I tried to enable the fingerprint unlock for my mother, it had gotten to the point I felt like literally pulling the phone from her hand and breaking it on the wall.

I just took a deep breath and accepted the fact that some people just can't place their finger right on back of the phone fingerprint readers.

 

[Johnatan56]

There is no such thing as a free SMS.

Based on FNB's volume, it's going to be <R0.15, and most don't log into their online banking that often, so you're talking R10-15 or something a month max for most, and you need to get over R100 for a transaction for an SMS to be sent, the bank's 2/3% card transaction fee of R2 definitely covers the 15c SMS.
Technically not free, but it's a non-issue for a vast majority of accounts (especially e.g. gold and up is R100pm and up in account fees).

 

[supersunbird]

Poor people use Capitec and Tyme.

Who you calling scruffy looking poor?

 

[Hamster]

Who you calling scruffy looking poor?

Depends. How tall are you and do have self defence training?

 

[sdrawk]

Poor people use Capitec and Tyme.

Perm Lazer 4 lyfe

Seriously though, FNB ditching SMS and email verification for in-app notifications and approvals is actually a good thing.
Much more secure.