I just logged into our HSBC Direct Savings Account and was greeted by a lengthy page of Terms & Conditions as well as a request to create a super-secret “Security Key” as well as two security questions. The security key works just like the one that they use for accessing bank-to-bank transfers in that you enter it by clicking on a little on-screen keypad instead of typing it in. So now the login process consists of:
(1) Entering your username on the first screen, and
(2) Entering your password plus the security key on the second screen
The security questions only seem to come into play if you forget your password, as which point you’ll need to answer them to regain access to your account. While I’m all for increased online security, I’ve never really felt that my accounts were at risk, so this is little more than an added annoyance in my book. That being said, this change should decrease the likelihood of accounts being compromised via keyboard loggers.