Join JAAGNet and Group

SIgn up for JAAGNet & the UKI Group its FREE!!

 

Member Benefits:
_____________________

 

Again signing up for JAAGNet & Group Membership is FREE and will only take a few moments!

Here are some of the benefits of Signing Up:

  • Ability to join and comment on all the JAAGNet Domain communities.
  • Ability to Blog on all the Domain communities 
  • Visibility to more pages and content at a group community level, such as Community, Internet, Social and Team Domain Community Feeds.
  • Make this your only content hub and distribute your blogs to LinkedIn, Reddit, Facebook, Twitter, WhatsApp, Messenger, Xing, Skype, WordPress Blogs, Pinterest, Email Apps and many, many more (100+) social network and feed sites. 
  • Opportunity to collaborate (soon to be  released) with various JAAGNet Business communities and other JAAGNet Network members.
  • Connect (become friends), Follow (and be Followed) and Network with JAAGNet members with similar interests.
  • Your Content will automatically be distributed on Domain and JAAGNet Community Feeds. Which are widely distributed by the JAAGNet team.

Join Us!

JAAGNet Newsletter Signup

banks (3)

Gold Level Contributor

Santander, Tesco Bank and TSB have "serious vulnerabilities" in security that could leave their customers exposed to fraud, according to an investigation by consumer watchdog Which?.

Which? conducted a probe with independent security experts 6point6, scrutinising the online banking safety measures in place across the largest current account providers.

In some instances, it uncovered the potential for scammers to access information which could be used as the building blocks of a sophisticated scam, says Which?, arming a fraudster with enough sensitive information to pull off convincing cons, such as posing as a bank employee to persuade a customer to transfer money from their bank account to a fraudulent one.

Tesco Bank received the poorest rating for online security in Which?’s testing, with an overall score of just 46 per cent.

Researchers found multiple security headers missing from its webpages. It also failed to block testers from logging in to the website from two computer networks at the same time.

In addition, it failed to log out testers when switching to a different website or using the forward/back button to leave the session and return to it.

TSB finished second from bottom with a score of 51 per cent. Among the issues identified in Which? testing, the most serious was the firm’s login process, which did not meet new regulations on ‘strong customer authentication’ (SCA), introduced in March.

TSB has completed the roll out of two-factor authentication for mobile banking users, but has yet to complete the upgrade for Internet banking.

Santander rounded off the bottom three, with a score of 62 per cent. Testing found that authentication checks when logging in can be bypassed if a user designates a device as ‘trusted’. While the firm said it does ask for reauthorisation if it detects unusual activity, there’s no option to view or ‘distrust’ these devices.

At the other end of the table, Starling came out on top, with a score of 85 per cent. Experts found nothing concerning with its recently launched online banking website. This is partly due to limited functionality, as users can only change sensitive data via the app.

Barclays, HSBC and First Direct tied for second spot, with a score of 78 per cent, but had areas for improvement, says Which?.

Although each had strong login measures, testers only needed basic details to recover a Barclays membership number, and could log in using two different computer networks without being ejected from one.

In First Direct’s case, the pre-set security questions for forgotten passwords were too basic, claims Which?, while there was no alert for password changes or new payees and special characters can not be used in passwords.

Which? also asked 6point6 to test each provider’s banking app to identify potential flaws. It checked to see if firms detected testers downloading its app in an emulated device or running it on a rooted device, recently identified as a key weakeness that is being exploited by sophisticated hacking gangs.

Monzo, Nationwide and TSB failed to perform both emulator and root detection, although Monzo disagrees that this exposes its app to security weaknesses and told Which? that root and emulator detection can be unreliable.

Another test was for ‘code obfuscation’, which hides data that could be used by hackers to identify weaknesses or steal sensitive information. Virgin Money was the only bank tested where many ‘function calls’ were clearly visible. Function calls are part of the code that makes an app work and should be hidden to make life harder for attackers who might use the information to hack into a system.

Harry Rose, editor of Which? Magazine, says: “Banks must lead the battle against fraud, yet our security tests have revealed a big gap between the best and worst providers when it comes to keeping people safe from the threat of having their account compromised.

“The serious failings we have exposed with some providers reinforce the need for banks to up their game on scam protections, and for greater transparency and stronger standards on fraud reimbursement to be made mandatory for all banks and payment providers.”
 
Originally published by
Finextra | January 7, 2021
Read more…
Gold Level Contributor

TSB to close a third of branches and cut 900 staff

TSB is to shutter a third of its branch network and layoff 900 staff, citing a shift in customer behviour as users shun the high street in favour of remote banking services.

The UK bank intends to close 164 of its branches, in addition to 21 closures already announced, shrinking the network from 475 outlets to just 290.

TSB says branches earmarked for closure have been selected to ensure 94% of customers can travel in 20 minutes or less to a branch, and the new network will have an average of 17,000 customers per site. In addition, it is strengthening its relationship with the Post Office, adding the ability to deposit and withdraw cash over the counter, and introducing 100 roving mobile advisors to reach communities outside the network.

TSB chief Debbie Crosbie, says: “Closing any of our branches is never an easy decision, but our customers are banking differently - with a marked shift to digital banking.

“We are reshaping our business to transform the customer experience and set us up for the future. This means having the right balance between branches on the high street and our digital platforms, enabling us to offer the very best experience for our personal and business customers across the UK.

The programme will see 969 jobs cut while 120 new operational positions are being created, resulting in an overall net reduction of 849 roles.

Changes are being made across the branch network, and in mortgages and customer service operations teams. The bank expects the majority of job losses to come through voluntary redundancy.

Labour union Unite branded the announcement as a 'dark day for the finance sector'.

Unite national officer Dominic Hook says: "It beggars belief that just seven years ago TSB had 631 local branches and this announcement will reduce that number to merely 290 branches. "

Originally published by 
Finextra | September 30, 2020
Read more…
Gold Level Contributor

The U.K. government is seeking an agreement with financial institutions (FIs) to forgo the need for small businesses to offer personal guarantees to get coronavirus loans, the Financial Times reported.

Some small- to medium-sized businesses (SMBs) have noted they were asked to provide the guarantees, which could cause the loss of property like savings.

Chancellor Rishi Sunak vowed to provide interest-free loans as high as 5 million pounds ($6.2 million) to businesses that have under 45 million pounds ($55.8 million) in revenue to aid their survival amid the COVID-19 crisis, as the government guarantees banks for as much as 80 percent of a loan’s value.

Government officials expect the approximately 40 lenders who asked to become part of the program get rid of the personal guarantee demand. Many of the larger FIs in Britain have agreed not to ask for personal guarantees with the Coronavirus Business Interruption Loan Scheme (CBILS) after broad concern regarding the risks for business owners.

Read more here

Read more…

JAAGNet UKI Business - Feeds

JAAGNet UKI Personal - Feed

JAAGNet UKI Blog Archive

See Original | Powered by elink

JAAGNet UKI Video Playlist

Love Business EXPO 2021

  • Description:

    Love Business EXPO 2021
    https://www.lovebusinessexpo.co.uk/

    A business to business networking exhibition with a difference. It brings business and personal development opportunities together. If you are a business owner, manager or thinking of starting a business - and you need answers, inspiration or just to see what’s happening in your area - Love Business EXPO 2021 is for…

  • Created by: Kathy Jones
  • Tags: love business, loughborough, uk, networking, expo