Manila Office Life

27 April 2006

HSBC Security Device for Online Banking

Ok, so I haven't posted in a long time.

Yikes! Didn't realize it's been almost 3 months since my last post. My sincerest apologies on that as I've been especially busy these past couple of months. Work and all that, after all. We drones do need to make a living, you know.

Anyway, I got a letter in the mail today from my bank HSBC here in Manila and it seems that they're launching a new Security Device for online banking. Now, I've been a devoted online banker with HSBC for a pretty long time and, I must admit, the service has been pretty good so far. From what I can see on their site regarding this device of theirs, it seems I might have to revise my opinion of them.

It seems this device generates a one-time 6-digit code every button press that will be required every time we customers use their online banking service. I understand the tech behind it, of course, since every logon will require both your standard username and password PLUS the 6-digit code that this device generates. Based on the reading I got, it seems this code changes all the time which means there's probably some sort of mathematical or cryptographic algorithm going on in there. The site says that they'll start delivering the devices in phases (note the bold type there) by 17Apr06. I haven't got mine yet though some friends I've got who work in HSBC tell me they already have theirs. Guess the thing's on its way.

I think it's a great idea in terms of enhanced online security. After all, online fraud is on the rise and knowing that my bank is concerned about this does give me some comfort. My only beef, and it's a minor one I'll admit, is that I've got nowhere to attach the bloody thing. Oh well, I guess some sacrifices do need to be made for better online security. Kudos to HSBC, then, for caring about customers and their needs!

Now, where could I possibly attach a 2-inch security device...