Security concerns over NatWest mobile banking app

| October 8, 2012
Security concerns over NatWest mobile banking app

NatWest bank has suspended its Get Cash app which allows customers to withdraw money from a cash machine without a debit card, according to a report by the BBC.

Customers request the cash on their mobile and a 6 digit pin is generated which they then enter at the cash money to withdraw funds.

However, Radio 4′s Money Box programme reported that some customers have suffered losses amounting to several hundred pounds because fraudsters used the system to steal their money.

According to NatWest, the Get Cash app has been suspended for a “planned update” which will reduce the daily limit on withdrawals from its current level of £100.

NatWest also recently launched an ‘Emergency Cash’ facility, which allows customers to ring the bank for a security code if they need cash urgently and have lost their card.

The code allows them to withdraw up to £300.

One NatWest customer is believed to have lost £950 when fraudsters withdrew money from his account 11 times in three days using a security code.

He reported the fraud to NatWest but only discovered how it had occurred when he saw “emergency cash” next to each fraudulent transaction on his bank statement.

He had previously never heard of either the Emergency Cash or Get Cash services and had not registered for mobile banking.

Instead of refunding the money immediately, NatWest wrote to Tim accusing him of failing to keep his card details and PIN safe.

The bank claimed the details had been given to the fraudster in a phishing email and said it would not refund the ‘disputed transactions’.

NatWest eventually agreed to refund the money ‘as a gesture of goodwill’ after it was contacted by Money Box.

NatWest has also apologised to 50,000 Gold Plus bank account customers after sending a letter saying it would ‘no longer provide cover for any unauthorised transactions from use of your lost or stolen card’.

The bank is required by law to refund the money if a card is used fraudulently, under the Consumer Credit Act.

NatWest has reassured the customers that they are still covered against fraudulent card use.

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