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This is why I would like to trust my digital identity to my bank. They have enough local, physical presence so that I could show up in person and prove who I a

This is why I would like to trust my digital identity to my bank. They have enough local, physical presence so that I could show up in person and prove who I am. Also the personnel is already familiar with checking the identity and hopefully less suspectiple to social engineering. 2FA tokens and codesheets without SMS backup are secure, but bit tricky to manage. Takes some effort to distribute to different, secure places (think if house burns) and some regular checks to verify backup tokens are alive and codesheets not lost.

tialaramex 7y ago
My good bank has no physical presence whatsoever. I mean, I presume they operate a call centre somewhere, maybe in Scotland, but I've never seen it. They can reach out and cause things to happen at a distance, but I don't want that used to authenticate me. They used it when I had lost my cards, to cause me to receive a bundle of cash so I could get on with my day just paying cash everywhere. I have a specialized OTP device with a chiclet keyboard, and a password used for normal stuff. When I do something serious, like the time I bought somewhere to live, I call them to set up the transaction, then a different random person gets assigned to call me back and verify the details - this way if one employee goes rogue they can't empty my account by claiming I called them. They have a password for me, and the second employee uses that password so that I know it's really the bank calling me.
- greggyb 7y ago
  I would like to know more about this bank! What bank is it? How did you find it? I've not heard of features similar to this, especially the last part about buying a house.
  - tialaramex 7y ago
    It's First Direct https://www1.firstdirect.com/ https://www1.firstdirect.com/ It's a Telephone Bank in the UK, launched in 1989 and I became a customer a year or three after that. Because it doesn't have any branches its call centre staff have to be trained to handle absolutely anything - if they can't fix it then it won't get fixed. I found it because my father used it, I have no idea why, he was not ordinarily a man to favour technologically sophisticated solutions, he never owned his own email address for example. Maybe as a working man he found it frustrating that other banks were closed after hours? First Direct is never closed, it operates 24/7. I have used other banks for some things, but I've always kept accounts with First Direct because of their truly extraordinary customer service hence I call it the "good bank". I actually know one of their Founders and apparently that commitment to customer service was key to their original vision for the bank, he led a strategy session for the start-up where I work now and it used that vision to give us a worked example. He was Chairman at another start-up I've worked for too. Small world. For the buying a home part I do mean that I bought it outright by the way, there wasn't a mortgage or anything like that - so that's a lot of money, let's say six figures. I presume the precaution was triggered by the fact that I wanted to move this large sum (almost all the money I had) to an account I'd never sent any money to before. Sounds almost exactly like a scam. I would _like_ to believe any other bank would have similar protections - but of course I don't buy a home every day, so I have no other examples to compare, and most of my contemporaries have a mortgage so the very large sums aren't involved. The password when they call me thing was nice, to be honest they didn't proactively set that up. I suggested it off-handedly one day and they were like "Of course, yes, we can set that up". I presume it's not custom, just they didn't explicitly advertise it to me as an option. That happens a lot, I didn't want contactless on my new card recently, and they were like "Yup, of course, done. Replacements for this card will also not have contactless until you call to change that".
deleted 7y ago
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tialaramex 7y ago

My good bank has no physical presence whatsoever. I mean, I presume they operate a call centre somewhere, maybe in Scotland, but I've never seen it. They can reach out and cause things to happen at a distance, but I don't want that used to authenticate me. They used it when I had lost my cards, to cause me to receive a bundle of cash so I could get on with my day just paying cash everywhere. I have a specialized OTP device with a chiclet keyboard, and a password used for normal stuff. When I do something serious, like the time I bought somewhere to live, I call them to set up the transaction, then a different random person gets assigned to call me back and verify the details - this way if one employee goes rogue they can't empty my account by claiming I called them. They have a password for me, and the second employee uses that password so that I know it's really the bank calling me.

greggyb 7y ago
I would like to know more about this bank! What bank is it? How did you find it? I've not heard of features similar to this, especially the last part about buying a house.
- tialaramex 7y ago
  It's First Direct https://www1.firstdirect.com/ https://www1.firstdirect.com/ It's a Telephone Bank in the UK, launched in 1989 and I became a customer a year or three after that. Because it doesn't have any branches its call centre staff have to be trained to handle absolutely anything - if they can't fix it then it won't get fixed. I found it because my father used it, I have no idea why, he was not ordinarily a man to favour technologically sophisticated solutions, he never owned his own email address for example. Maybe as a working man he found it frustrating that other banks were closed after hours? First Direct is never closed, it operates 24/7. I have used other banks for some things, but I've always kept accounts with First Direct because of their truly extraordinary customer service hence I call it the "good bank". I actually know one of their Founders and apparently that commitment to customer service was key to their original vision for the bank, he led a strategy session for the start-up where I work now and it used that vision to give us a worked example. He was Chairman at another start-up I've worked for too. Small world. For the buying a home part I do mean that I bought it outright by the way, there wasn't a mortgage or anything like that - so that's a lot of money, let's say six figures. I presume the precaution was triggered by the fact that I wanted to move this large sum (almost all the money I had) to an account I'd never sent any money to before. Sounds almost exactly like a scam. I would _like_ to believe any other bank would have similar protections - but of course I don't buy a home every day, so I have no other examples to compare, and most of my contemporaries have a mortgage so the very large sums aren't involved. The password when they call me thing was nice, to be honest they didn't proactively set that up. I suggested it off-handedly one day and they were like "Of course, yes, we can set that up". I presume it's not custom, just they didn't explicitly advertise it to me as an option. That happens a lot, I didn't want contactless on my new card recently, and they were like "Yup, of course, done. Replacements for this card will also not have contactless until you call to change that".

deleted 7y ago

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