About a week ago I finally got everything I needed to get access to my Norwegian bank account! This also made me realized that I’ve had to open quite a few international bank accounts over the years. At last count, I’ve had to open accounts in:
- United States
- United Kingdom
- South Korea
and although I don’t use all of these accounts, or regularly check them (in fact I’m pretty sure the accounts in India and Korea are empty if not closed), I thought it’d be interesting to compare the level security required by each country’s banks.
In the US I’ve always gone to the bank to open up a new account (and this distinction will become slightly more clear later on). In my current US accounts, all I need to access my account information online is a username and password (but if you forget either of these things a much more thorough process is initiated to confirm your identity). That’s it. To access your account at an ATM you have to have a PIN, but you have the freedom to pick your own PIN code.
I don’t have any credit cards that are chip and PIN, so at the end of the day the only pieces of information I really need to remember are: online username, online password, and PIN for ATMs.
Security gets a bit tougher when you open an account in the UK. Again I went to the bank to open this account and was able to get online access. The interesting thing is that I have to have both an online password and what they call a piece of “memorable information” (which I think of as a second password). Whenever I want to access my account online I need to type in my password and then answer questions about my memorable information. The questions are usually along the lines of: What are the 3rd, 5th, and 6th characters of your memorable information? The questions about the memorable information change each time I log on, thus enhancing the security of the account and ensuring that whoever is logging onto your account genuinely knows what the piece of memorable information is.
My account also comes with a debit card that has a pre-assigned PIN number.
So, I need to remember the same things that I do in the US, but I also need to remember my piece of memorable information and my debit card PIN.
Norway has the strongest security that I’ve seen by a wide margin. When I opened my bank account they explained to me that in order to access my account online or to use my debit card online I would need up to three things: my online password, a pre-assigned PIN code, and a code that I get from my own personalized bank device. Unfortunately I have no idea what the machine is called but here is a picture:
Every time I want to log into my bank or approve an online transaction I just push the button on the left and then input whatever number flashes on the screen.
I also have a pre-assigned and separate PIN for my debit card.
So, I need to remember: my username, password, online PIN, debit card PIN, and have the bank device to use my Norwegian bank account.
The company that I worked for in India was responsible for setting up my bank account, which meant that I never actually had to step foot in the bank. This also meant that once I had my debit card up and running I made no attempts to actually try and get the account online. So I unfortunately have no idea about to the level of security required to access an Indian bank account online.
Again, my employer was responsible for setting up a Korean bank account for me. This time I actually did entertain the idea of trying to access my bank account online, but I was told by my co-workers that if I wanted to do that I would have to download special security software onto my computer and phone. Korean banks won’t let you access your account online unless they are reasonably certain that your device has enough security. This being said I gathered that once the security software is actually installed, all you needed was a username and password to access your account information.
While I don’t actually have too much to report when it comes to Asian online bank security, banking around the world has definitely been a learning experience. Overall, I’d say that US banks have the lowest level of security, while European banks have the highest amount of security. While trying to count out the different characters of my memorable information is a bit annoying, as is inputting three types of information to get a simple online transaction approved, it is comforting to know how seriously my UK and Norwegian banks take my accounts’ online security. Hopefully some of the security practices I’ve seen in Europe will eventually make their way over to the States.