Online Security Device — Hidden Truth
The latest innovation from HSBC India is bringing in of some sort of Online Security Device (handheld) which generates a random six digit code each time you logon to online@HSBC. But I really wonder how effective is this device on the following arguments?
- Compared to ICICI Bank or UTI Bank (powered by Finnacle) which has two passwords like login and transaction passwords, I think this is not that much secure.
- The device has a battery life of one year and in case the battery runs out, you can not recharge it. You need to order a replacement device which costs about 350 INR from HSBC Call Center. One more way that HSBC can make money from the customer. I think the manufacturing cost of the device along with other costs should work out to a retail price of just 50 INR and hence the entire 300 INR should be a huge profit for HSBC India considering the amount of credit card customers they have. The call center too is not able to justify the battery life time.
- If you lose the device you can not login to HSBC Online till you get the device.
- One of my friend was fighting for more than one and half month till the device was despatched. His online@HSBC got deactivated till a device logon was furnished but the device did not reach him.
- With the amount of laxity of backoffice staff and inertia, you need to wait for one month till a statement or report comes from HSBC India. And more further HSBC India has too many bad people handing the staff. I think instead of fleecing the customers like this, they can try cleaning up their staff first. Check out this HSBC Employee fraud in Bangalore.