Collapse of online banking is not a remote risk.

Collapse of online banking is not a remote risk

by tonytran2015 (Melbourne, Australia).

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(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

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