HSBC Security Device
I have a HSBC credit card and often check my account/statement online. In the last week of May, I got a mailer from HSBC saying that they are going to deliver me a "SECURITY DEVICE", and with that only I have to use my HSBC account online.
And on 14th of June, I got a red colored box from them which read - "Until now, banking online with us was SAFE". And when I opened the box it had another: "We are now making it EVEN SAFER". And there was a small lid type of thick sheet & upon opening I found the Security Device, which was in the size of a keychain.
The use of this security device is to check the retail customers' identity. Generally we will be using a username & password to login to our account online. To double check it, HSBC have implemented 2FA - 2 Factor Authentication system, which makes login into the account more secured. ie., after loggin in with the username & password, we have to type the series of digits that is generated by the device at that point of time. So that the full authentication happens and the access is allowed.
Actually the HSBC security device is a token(number) generator, with some logic connected to its serial number embedded in the back of the security device. And when we enter the number/token, it gets validated against some logic, and this acts as a another checkpost to access the account. The token can only be used once, and also it will be changing every 15 seconds.
I have seen a similar device 3 years before when my friend Srinivasa Rao used it to access his account with EBanka. And I think, HSBC is the first bank in India to implement this type of authentication.
Now my doubt is : I maintain account with 7 banks (for Credit Card & SB a/c). And not only me, most of the people have accounts with many banks. And now a days, most banks including Nationalised Banks like State Bank of India offer online account maintainence. So what will happen if all of them comes with a device like this ??
Update : Now Im forced to use HSBC Security Device. After I login, the site now shows a new page, & it ask me to enter the model no. of the so called Security Device, as its the first time. But im not going to use it anyway, since I cant carry this wherever I go!
I know that its for better security, but im not comfortable in taking this HSBC Security Device, wherever I go.
I have to fight with the HSBC Customer Service people to take back this Security Device option for me, since not all online users have this facility. They must give a option whether we need the security device or not.