Comments on: Safe Online Financial Accounts http://www.charlesmerriam.com/blog/2008/05/safe-online-financial-accounts/ Charles Merriam's loud tales of coding and technology Sun, 02 May 2010 17:08:03 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: charles http://www.charlesmerriam.com/blog/2008/05/safe-online-financial-accounts/comment-page-1/#comment-14149 charles Fri, 02 May 2008 00:33:36 +0000 http://www.charlesmerriam.com/blog/?p=130#comment-14149 Hi Micheal, I agree with you that it's up to each user to figure out what the comfort zone. I spent a comical half hour recently with another large brokerage/financial house trying to guess what my password was when I last touched the online access to the account in 2005. I needed to transfer over an old account which I last touched in 2001. The usual worry is that this sequence usually transfers money if the computer or upstream has been compromised: 1. Change the mailing address. Block delivery of email confirmations to changes. 2. Wait 15 days of lock-out period. 3. Request a reset of the PIN and paperwork system. Fill in more paperwork. Wait. 4. Transfer money out. Because the user is ultimately on the hook for the loss, the user must be in control. Hi Micheal,

I agree with you that it’s up to each user to figure out what the comfort zone. I spent a comical half hour recently with another large brokerage/financial house trying to guess what my password was when I last touched the online access to the account in 2005. I needed to transfer over an old account which I last touched in 2001.

The usual worry is that this sequence usually transfers money if the computer or upstream has been compromised:
1. Change the mailing address. Block delivery of email confirmations to changes.
2. Wait 15 days of lock-out period.
3. Request a reset of the PIN and paperwork system. Fill in more paperwork. Wait.
4. Transfer money out.

Because the user is ultimately on the hook for the loss, the user must be in control.

]]> By: Michael C. Berch http://www.charlesmerriam.com/blog/2008/05/safe-online-financial-accounts/comment-page-1/#comment-14145 Michael C. Berch Thu, 01 May 2008 23:42:00 +0000 http://www.charlesmerriam.com/blog/?p=130#comment-14145 (Sorry, in the above, I should point out that I meant "requires additional paperwork and proof of identity" to set up, not for every instance of use.) (Sorry, in the above, I should point out that I meant “requires additional paperwork and proof of identity” to set up, not for every instance of use.)

]]> By: Michael C. Berch http://www.charlesmerriam.com/blog/2008/05/safe-online-financial-accounts/comment-page-1/#comment-14144 Michael C. Berch Thu, 01 May 2008 23:40:59 +0000 http://www.charlesmerriam.com/blog/?p=130#comment-14144 This is what Charles Schwab does by default. You can trade stocks, mutual funds, look at balances and positions, etc., but transferring money to an outside account, or having a check sent, requires additional paperwork and proof of identity. Works for me. Unlike Judith, I prefer full online access to my account, and would change brokers if they didn't make it available. I don't see a telephone call (with, presumably, a PIN for authentication) as more secure than SSL over the public Internet. This is what Charles Schwab does by default. You can trade stocks, mutual funds, look at balances and positions, etc., but transferring money to an outside account, or having a check sent, requires additional paperwork and proof of identity. Works for me.

Unlike Judith, I prefer full online access to my account, and would change brokers if they didn’t make it available. I don’t see a telephone call (with, presumably, a PIN for authentication) as more secure than SSL over the public Internet.

]]> By: Judith http://www.charlesmerriam.com/blog/2008/05/safe-online-financial-accounts/comment-page-1/#comment-14137 Judith Thu, 01 May 2008 21:07:49 +0000 http://www.charlesmerriam.com/blog/?p=130#comment-14137 I'm OK with merely seeing the data online, and requiring a phone call even for transferring between mutual funds. I’m OK with merely seeing the data online, and requiring a phone call even for transferring between mutual funds.

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