Although owned by Royal Bank of Scotland, NatWest isn’t as hated as its parent. Strange, because really NatWest’s no better – some may even say its worse.
I’d like to talk a little about NatWest, but lets concentrate first on RBS as a brand. What can be done with a brand so damaged it’s lost the trust of its market?
I love it when I come across great ideas. Like game changing, eureka moments. But it frustrates me when solutions appear for problems that don’t exist. Take NFC payment systems, for example. A clever use of the tech in our pockets. But who said we had a problem at the cash-out?
We, the consumers don’t. The retailers like the short delay as they get to up-sell. Maybe its the payment system providers who have a problem. Like card fraud?
Here’s the crazy thing about NFC. The security is actually weaker. Much weaker. NFC presents a far higher risk profile than any other system…
Maybe the great bank holiday weather took many writers away for the weekend. But the number of “its all over for Cloud” rants were mercifully few.
So, what should be taken away from Amazon’s failure. What have we learnt? Well, its shown intelligent system design is as vital for Cloud as anywhere else. Along with how many “experts” can still talk through their back-ends…
Corporate security people and most security resellers wind me up. Always have. They constantly ignore the lessons life teaches us.
Life is constantly teaching us lessons. We deal with most things it throws at us. Security guys have a seizure when anything new appears.
Take Smartphones and the iPad for example. These guys are paid to know stuff. But they’re crap at doing their job because they can’t cope with the new.
The fall-out has still to settle from one of the greatest tragedies of recent times. While the furore and finger-pointing surrounding it will take a lot longer.
Given the prevailing circumstances, the technology behaved entirely predictively. The technology didn’t fail, we failed to manage it. Could we fail with NFC?
Quite a reaction last week when the news broke about the RSA SecureID breach. Someone may now know how to compromise two-factor tokens. Whilst every villain knows how to work around two-factor authentication anyway, the exposure of the underlying algorithm should have been viewed as inevitable. Before I’m castigated for saying this, let me explain…
You see, this speed carries one big penalty. Security. Not for the device, for you. The transaction is now so fast, it can’t be fraud-checked conventionally.
“Contactless” means just that. No contact from either side – counter or customer. There’ll be no alerts, no chance to stop a fraudster. Or is there?
I can’t believe how fast this technology is developing. Everyone seems to be at it. Mobile is big and NFC seems to be flavour of 2011.
Well, I say you – but what I really mean is it doesn’t necessarily have to be you, just anyone who happens to have your phone.
And I’m really, really not happy about that.
Oh, how we would all love a new bank. A bank that did everything right. Perfect. Sorry, you’re dreaming. That’s not going to happen. The current banks operate a virtual cartel, effectively shutting out any new player. Now while the boutique banks may focus on specific products and find a niche, Chances of a new NatWest or Barclays appearing are small.
But there is a way to get a better deal. We just need to leverage the old deal…
As a bank marketing slogan, the co-operative’s good with money is pretty good. Just a pity then that the rest of the bank’s processes don’t match. Because behind the ethical faÃ§ade this member-owned group strives to portray, lies a dark, Dickensian approach to those it does business with.
Here are three disturbing examples – from the inefficient to downright destructive – that soil the fluffy image it would prefer us to associate with it…
When talk turns to the Cloud, the hot ticket currently is the location of information. Security’s no longer the biggest concern, its where data is stored which is key.
Cloud players like SalesForce and IBM are looking to their own national storage, but its expensive and inefficient. So why not use a storage Cloud for it?