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Faster payments is good in a way but also.... weird. At least the way my bank implements it. Want to pay someone new? Better have your smartphone with the app,
by michaelt 4y ago
Faster payments is good in a way but also.... weird. At least the way my bank implements it.
Want to pay someone new? Better have your smartphone with the app, and your bank card and your card reader. Be ready to provide your fingerprint and your card PIN number. And they'll send you a text message telling you a new payment recipient has been added. That's a fine level of security if you're paying thousands of pounds - but if you're paying £5 for lunch the process is just as strict.
And despite all that security, it's still limited to payments <£10,000 for some reason.
- digianarchist 4y agoAny transfers that fall into the allowance of a tap payment shouldn't have to go through the same amount of security. I miss the Faster Payments network immensely. The systems in Canada and the United States are a mess in comparison.
- Closi 4y agoThe level of 'user' security is defined by your bank, rather than the faster payments protocol. Monzo for instance just requires that you are signed into the app and can face-ID on iOS.
- blibble 4y agoit used to by the bank, now the minimum security is defined by the Payment Services Directive which is quite specific
- kevin_thibedeau 4y agoForcing people to use a smartphone is still a fail.