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The paperless bank is coming

Nice email from NatWest today encouraging consumers to switch to paper-free banking:

Natwest paperless

No real commentary on this …

… except that isn’t it a bit weird that the benefit is that you’re protected against identity theft by having no paper around …

… and yet you need the paper statements to prove your identity.

Oh yea, and just in case you’re not sure about doing this, the bank is offering a prize to one lucky winner to pay their mortgage for a year … I was going to offer them my structured finance mortgage but they limited the offer to £20,000.  Shucks!

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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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  • Whilst having paperless statements has clear benefits, security is not necessarily is one of them. A number of Trojans (malware) targeting banks are capable of manipulating the statement information presented to the user on the computer screen. This means the fraudsters can steal your money AND hide this fact from you for a considerable period of time, if bank’s website is the main channel for checking your statement. There is no question that customer’s PC is the most insecure banking/POS terminal, see http://blog.cronto.com/index.php?title=most_insecure_banking_sales_terminal
    It would be useful to have secure alternatives in place before asking the users to switch off their paper (trusted) statements. In Germany, for example, bank’s customer can view all statement information using a cash machine and even print out the full statement on demand.