Inquiry exposes web banks’ weak spots

SERIOUS WEAKNESSES in online banking security systems have been uncovered, according to a Which? investigation.

The consumer group worked with security experts 6point6 to scrutinise online banking safety measures.

Which? said that while online banking is largely a safe way to manage money, it had found that some of the biggest banks such as Santander, Tesco Bank and TSB, have concerning vulnerabilities in security.

Tesco Bank received the poorest rating in the Which? testing. The consumer group said, among other issues, it failed to block testers from logging in to the website from two computer networks at the same time and did not log out testers when switching to a different website.

Tesco Bank told Which?: “The security of our customers’ accounts is always our top priority. Customers can be assured we have robust security measures in place to protect them and their money.”

TSB finished second from bottom in the test and Which? said it had found issues with the firm’s login process.

Which? said the process did not meet new “strong customer authentication” ( SCA) regulations introduced in March.

A statement from TSB said: “TSB customers who use their mobile app already have SCA and we’re continuing to roll it out for those who use internet banking.”

TSB has its own fraud refund guarantee, which reimburses innocent victims of fraud.

Santander said it takes online security very seriously and invests a great deal in cyber security and fraud prevention.