Internet banking in Singapore is a JOKE

From: "truth"
Date: Tue, 07 Jul 2009 12:26:45 GMT
Local: Tues, Jul 7 2009 8:26 pm
Subject: Re: Internet banking in Singapore is a JOKE

In Australia Internet Banking is so simple and yet
secured.
There are other more effective and unobtrusive ways
to secure internet banking without such cumbersome
measures taken by the extremely KIASU pap leegime.

"Siansiansian" wrote in message

news:846c2b27-ee22-4cc2-8c5a-f2c9a0acf7ab@y10g2000prf.googlegroups.com...
On Jul 7, 4:01 pm, "truth" wrote:

> http://tankinlian.blogspot.com/

> Tuesday, July 07, 2009
> Simplify Internet Banking
> Editor
> Forum Page
> Straits Times

> I use internet banking to transfer money to the other people through their
> bank account. I find this service to be convenient, compared to sending a
> cheque to them.
> However, I find that the actual implementation of this service by my bank
> to
> be a hassle in the following aspects:

> 1. The bank requires the customer to create a record for each new payee
> and
> to authenticate it through a PIN sent through the mobile phone.

> 2. The bank requires the customer to enter the IB Secure PIN for every
> payment

> These layers of security measures are duplicative, as the customer already
> has to enter user ID, PIN and an IB secure PIN to gain access to the
> internet banking facility.
> The real risk to the customer is by entering the wrong account code of the
> payee or the wrong amount. The bank is not helping the customer to
> mitigate
> this risk.
> By giving hassle and distracting the customer, these duplicative tasks
> actually increases the risk to the customer of making mistakes in entering
> the wrong bank account or amount. The inconveniences are aggravated when
> the
> computer system or internet is slow.

> I believe that these security features may have been mandated by the
> regulator. I hope that the banks and the regulator should re-look at these
> requirements and simplify the process for the customer, while maintaining
> an
> adequate level of security. This will allow the customer to focus on
> ensuring that the entries are correct.

> Tan Kin Lian

I think they are doing the right thing?