Collapse of online banking is not a remote risk.

Collapse of online banking is not a remote risk

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(blog No. 30).

#banking, #internet banking, #collapse .

Your bank may be on its week long holiday (for Christmas or Easter) and your internet banking is suspended. You have only some small cash to survive one week (ATM’s only give small amount of cash) and you cannot execute large payments to meet all your contractual obligations.

How may your internet banking get suspended?

For some banks, one of them is Westpac Bank in Australia, if you log in with your (short) account number and supply the wrong password twice, the internet access is locked up. The internet lock will remain until you personally turn up at a branch to request its removal.

You have to survive on your own cash, Automatic Teller Machine cash and credit/debit cards until your branch of the bank re-opens.

How may the bank get sabotaged?

If a malicious person does not like you and happens to know your short account number he can attempt log-in to that account number twice and your internet banking will be locked!

If that malicious person runs a software to serially attemp to log into each internet account twice then all internet banking of those accounts in the bank will be locked.

You can imagine the chaos and the amount of extortional LATE FEES people have to pay.

Is there a prevention for this type of chaos?

Yes, if the banks are willing to implement a simple prevention: A bank can send a random four digits code to the mobile phone of the customer for unlocking the internet banking so that the customer can attempt his next login.

They can do it but why should they when not doing it brings the extortionally large LATE FEES income?

In the mean time, you can only execute large payments few days before the long (bank) holidays and hope that the collapse does not come yet.


Added after 2018Mar06:







Gold for storing wealth, posted on 28 April 2017

Click here for my other blogs on polymeraust100dollarsMONEY

Click here go to Divider63D400Home Page (Navigation-Survival-How To-Money).

SUBSCRIPTION: [RSS – Posts], [RSS – Comments]

MENU: [Contents][Blog Image of Contents ][Archives ] [About]

24 thoughts on “Collapse of online banking is not a remote risk.

  1. After looking into a handful of the blog posts on your site, I truly like your way of blogging. I saved it to my bookmark site list and will be checking back soon. Please visit my web site as well and tell me what you think.|


  2. You’re so interesting! I don’t think I have read anything like that before. So wonderful to find somebody with some unique thoughts on this topic. Really.. many thanks for starting this up. This site is one thing that is required on the web, someone with some originality!|


  3. I like the valuable information you provide for your articles. I will bookmark your weblog and test once more here regularly. I am rather sure I’ll be told a lot of new stuff proper here! Best of luck for the next!|


  4. Hello there, You have done an excellent job. I’ll certainly digg it and personally suggest to my friends. I am confident they’ll be benefited from this site.|


  5. I’m really enjoying the design and layout of your website. It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a designer to create your theme? Fantastic work!|


  6. What’s Going down i am new to this, I stumbled upon this I have found It absolutely useful and it has helped me out loads. I am hoping to contribute & help different customers like its helped me. Good job.|


  7. Sweet blog! I found it while searching on Yahoo News. Do you have any tips on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Appreciate it|


  8. Fantastic blog you have here but I was wanting to know if you knew of any user discussion forums that cover the same topics talked about here? I’d really like to be a part of group where I can get suggestions from other knowledgeable individuals that share the same interest. If you have any suggestions, please let me know. Cheers!|


Comments are closed.