What do you guys and girls think of Nedbank's new Annoy-IT, um I mean Approve-IT service on their internet banking?
For those who don't bank with Nedbank, basically whenever you start to do a sensitive transaction, say add a new beneficiary or transfer money from a savings account to your current account you get a MMS that you have to respond to, to approve it or reject it. Oh and then you get another that you have to respond to when you want to finalise it.
I find it ruddy annoying, I could handle it once per session, but twice per transaction is overboard and heaven help you if you have multiple transactions to do.
They claim it is more secure then the one time pin they used to sms to you. How? If your phone has been stolen or cloned, the criminals are still going to be able to respond and the bank has know way of knowing it's not you. All I see it as is an excuse for the bank to blame you if there is fraud "But you responded with the approval message".
Also you have a short time to reply so what happens when the networks are busy and those MMS don't arrive or arrive 30 minutes later?
And are Nedbank going to pick up the tab if you are billed by your cellular provider for responding?
I've voiced my displeasure to Nedbank and they've just come back saying it's mandatory and the usual drivel about "comments on the current usage of the service are much appreciated" and "Approve-IT is a much more secure option than OTP and as such, Nedbank hope to reduce the number of cases of fraud experienced by clients and the Bank." and of coarse this pearler "Approve IT is a mandatory feature that cannot be removed."
But of coarse "We do apologise for any inconvenience caused."
How about they listen to their customers and actually develop systems that can be applied where needed?
They could even go as far as saying we highly recommend this system, but if you don't want it fine but then we exempt ourselves from re-reimbursing any money lost due to fraud committed through your internet banking profile.
/rant
Do other banks have similar systems in place? I'm particularly interested in FNB. I've been with Nedbank for 12 years and I think it's finally time to move on.
Short of complaining to Nedbank via email / web feedback or in the branch every time I run into it, is there anything I can do to actually get something done about it?
Or am I just being a total douche?
For those who don't bank with Nedbank, basically whenever you start to do a sensitive transaction, say add a new beneficiary or transfer money from a savings account to your current account you get a MMS that you have to respond to, to approve it or reject it. Oh and then you get another that you have to respond to when you want to finalise it.
I find it ruddy annoying, I could handle it once per session, but twice per transaction is overboard and heaven help you if you have multiple transactions to do.
They claim it is more secure then the one time pin they used to sms to you. How? If your phone has been stolen or cloned, the criminals are still going to be able to respond and the bank has know way of knowing it's not you. All I see it as is an excuse for the bank to blame you if there is fraud "But you responded with the approval message".
Also you have a short time to reply so what happens when the networks are busy and those MMS don't arrive or arrive 30 minutes later?
And are Nedbank going to pick up the tab if you are billed by your cellular provider for responding?
I've voiced my displeasure to Nedbank and they've just come back saying it's mandatory and the usual drivel about "comments on the current usage of the service are much appreciated" and "Approve-IT is a much more secure option than OTP and as such, Nedbank hope to reduce the number of cases of fraud experienced by clients and the Bank." and of coarse this pearler "Approve IT is a mandatory feature that cannot be removed."
But of coarse "We do apologise for any inconvenience caused."
How about they listen to their customers and actually develop systems that can be applied where needed?
They could even go as far as saying we highly recommend this system, but if you don't want it fine but then we exempt ourselves from re-reimbursing any money lost due to fraud committed through your internet banking profile.
/rant
Do other banks have similar systems in place? I'm particularly interested in FNB. I've been with Nedbank for 12 years and I think it's finally time to move on.
Short of complaining to Nedbank via email / web feedback or in the branch every time I run into it, is there anything I can do to actually get something done about it?
Or am I just being a total douche?
What phone do you have? Mine uses USSD for the transactions.
