The Anonymous Widower

The Anti-Fraud Advantage Of Sites Like Zopa

If you wanted to get money out of someone else’s bank account, all you need to do is login to their computer and have the equipment necessary to perform a transfer.

My bank account is probably as secure as any other, but I never keep my card reader and the card together.  Admittedly, all card readers for Nationwide are the same, but my passwords are only written in my brain.

But if you did manage to login, you could perform a transfer to your bank account, but it would probably require me to give in to threats to release the passwords.

But with a site like Zopa or Ratesetter and probably many others, where the only transfer out of the account can be to the bank account, where the money came from in the first place, you’d have quite a problem getting round the security measures. The very fact, that they exist, would probably mean you’d try to crack a more mainstream system, like an account with one of the major banks.

It illustrates how often a simple absolute rule, is often a much more secure method of protection, than something based on complicated hardware and tortuous passwords.

May 14, 2013 - Posted by AnonW | Business, Finance | Banks, Zopa