HSBC Introduce New Security For Online Banking

April 30, 2013

HSBC Bermuda is introducing a new security device to give Personal Internet Banking customers an extra layer of protection from fraudsters. The security device creates a unique security code every time the customer logs in to Personal Internet Banking.

If you received a letter from HSBC Bermuda notifying you that a security device is coming, you will receive it in the mail sometime over the next few months. The devices will be mailed in alphabetical order and once received, customers will have 30 days to activate the device and avoid interruption to online banking.

Customers travelling for extended periods of time are welcome to come into the Harbourview or Church Street branch and collect a security device. Customers that haven’t received their device will still be able to log on to Personal Internet Banking per their usual process.

DP270_token_front

Activation can be completed in a few steps once you logon to Personal Internet Banking.

Miguel Do Couto, Head of Direct and Contact Centres stated, “Any change to the way customers access their accounts is going to take a while to get used to, but this small extra step delivers quite an increase in security for our customers.

“The security device works by having one piece of information that remains the same, such as your user name, and one that constantly changes, your unique security code. The code is not in sequence, so it can’t be guessed, and the number expires after 30 seconds so it can’t be saved and used at a later date.

“The security device is not linked to the client until received and activated, so mailed devices do not create a security risk. Should you need access to your accounts and do not have your security device with you, you can still log onto your account with your existing logon details and perform some day-to-day transactions such as checking your balance or paying bills.”

Customers seeking assistance with activating or using their new HSBC Security Device are welcome to stop by HSBC Bermuda Harbourview Centre and Church Street banking branches between 11:00 am and 2:30 pm for personal assistance.

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Comments (17)

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  1. slow potato says:

    3 logins are not enough?....now I have a miniature card that I cant lose. I guess its time to move to CapG

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    • Um Um Like says:

      For real like! Why can't we just enter our first name and that it?! Who needs a password?

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  2. 1990 called... says:

    1990 called. They want their technology back. C'mon guys, I had a secure ID for my bank account in the states in the early 90's. We really are behind the times. What next, 1970's style paper booklets for my savings account?

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    • O.B. says:

      Lol shops in the UK looks at me like I'm stupid when I tell them that my card doesn't have a chip in it. They're amazed that we still have to swipe our cards.

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      • Cole00Cash says:

        Yeah, it's the same way in Canada and Spain.

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  3. O'Brien says:

    I had to use these in the UK - pain in the a**. Take my advice: avoid activating this thing for as long as possible.

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  4. reader says:

    Butterfield started issuing these ages ago (RSA SecurID tokens).

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  5. Laurence Fox says:

    Been using same thing for my UK HSBC account for several years.
    Very simple. Just try not to misplace it like I frequently do.
    The most annoying thing is when you want to make a transfer and you are not with the device.

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  6. Ride says:

    I like the idea of increased security but not having to carry and additional "device" around with me.

    Why not offer software RSA tokens. These are available for Android, BlackBerry, and iPhone. Those without a smartphone can get the physical device.

    It's 2013, HSBC. Get with the times.

    Ride

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    • Ride says:

      A whole raft of software options:

      http://www.emc.com/security/rsa-securid/rsa-securid-software-authenticators.htm#!offerings_for_mobile_devices

      Ride

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  7. blankman says:

    They're not difficult to use but they are an absolute pain in the posterior. It means that you can't log on without it so you have to keep it with you at all times - you want to check things from the office and you left it at home, tough - and don't even think of going on an extended trip (business or vacation) without having it (and don't forget that if you have HSBC accounts elsewhere - UK, US, Canada, ...) they'll all have their own devices so you'll need to carry several.

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    • Jiminy Cricket says:

      In the article it said that you can still log on without the token, but with limited options to see balances and pay bills.

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  8. west says:

    Another way for Big Brother to track your every movement I tell you.

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  9. mixitup says:

    I agree with most posters, this is gonna be a pain in the a$$! Not to mention feeling like if I carry it everywhere, then Big Brother will know where I am at all times. I think ima stuff my money under my couch and give up on HSBC.... How is this anywhere near convenient for the customer?

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    • Jiminy Cricket says:

      Though a pain. Many banks are incorporating security devices in order to add another deterrent to fraudsters. HSBC already had tokens for business customers and this one looks like the UK version. From what I've heard both Butterfield and HSBC customers have been flooded with phishing and other fraud schemes, so this is just the banks' response to provide more security for their customers. Don't be surprised if Cap G introduces something similar in the future. I bet that they are not targeted much due to their small size in relation to the other banks here.

      BTW, a secure token has no tracking hardware at all, it uses a mathematical algorithm, so these claims of BIG Brother watching is just utter nonsense.

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      • O'Brien says:

        Don't get it twisted - it's not for YOUR security, it's to minimise their losses to fraud.

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