What's the point of this new UOB banking function?

[Rogue Trader]

UOB app lets user draw cash at ATMs

AsiaOne
Monday, Dec 12, 2011

A new smartphone application has been launched by United Overseas Bank (UOB) to let customers withdraw money from ATMs without their cards.

Users can log in with their Internet banking user name and password to withdraw cash by clicking on a 'mobile cash' feature.

They can also get their friends or family to withdraw cash from their accounts without lending them their ATM cards.

According to The Straits Times, the app is the result of a year of planning. It can be used at any of UOB's 600 cash machines in Singapore.

UOB's head of group channels Wendy Teo told the English daily that the bank is essentially putting a bank branch in the hands of their customers.

Security measures are in place to ensure that customers' bank accounts are not compromised. For example, users cannot withdraw more than $500 a day.

In addition, money may not be sent to anyone else except for pre-registered recipients. New names can only be added when the account holder logs on to UOB's website using a valid user name and password.

Other uses of the app include viewing bank account balances and paying bills of about 100 service providers in a wide range of industries.

Users simply enter the amount owed and select the service provider they intend to pay. If they have more than one savings account, they can choose which account to debit the money from.

The new application is currently available for iPhone and iPad users. Smartphones using Android, Blackberry and Mobile Web operating systems will be able to carry it by the first half of next year.

It can be downloaded free from the Apple iTunes store from Monday.

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[streetsmart73]

hi there


1. aiyoh!
2. you should also try dbs cheque deposit machine thing.
3. time consuming!
4. totally not so user friendly too.
5. instead of dumping cheques into some slit of the quick cheque deposit.
6. you need to "perform" specific steps accordingly to some instructions.
7. pity those ah peks or ah mahs!
8. instructions are in english.
9. finally, you need to "confirm" every step.

 

[red amoeba]

cool eh...now if i rob you...i just force you to do this on your iphone, while my accomplice will withdraw the money from the ATM...

 

[scroobal]

I think it is a wonderful idea. Quite cool as we become more dependent on the phone. So instead of a fat wallet with card, it's all in the phone over time. I suspect that the bank is doing this to prevent card skimming. With no card, there is nothing to skim.

 

[bullfrog]

But dun know whether it is hack proof. If the phone siwtches to wifi mode, somebody with a code cracker can intercept and hijack yr passsword.

 

[halsey02]

I will still uses the ATM withdraw money & pay whomever I don't know & even my family members!, don't want my money to get lost in cyberspace, where there can be no trace, but money withdrawan, and takes ages to credit back into the account.

 

[Rogue Trader]

I think it is a wonderful idea. Quite cool as we become more dependent on the phone. So instead of a fat wallet with card, it's all in the phone over time. I suspect that the bank is doing this to prevent card skimming. With no card, there is nothing to skim.

The details on the report is incomplete, but I would be highly doubtful you don't need a PIN card to draw cash.

 

[Rogue Trader]

I will still uses the ATM withdraw money & pay whomever I don't know & even my family members!, don't want my money to get lost in cyberspace, where there can be no trace, but money withdrawan, and takes ages to credit back into the account.

Exactly. For $500 or less, I will stick to cash.

Given the $500 limit, I suspect it is for students and maids. But I fail to see any value add for this service.

 

[Rogue Trader]

But dun know whether it is hack proof. If the phone siwtches to wifi mode, somebody with a code cracker can intercept and hijack yr passsword.

There is no way to prevent information theft when you are using wifi. Your log in details and password will be retained at the wifi hub.

 

[IreneYeoh]

hi there


1. aiyoh!
2. you should also try dbs cheque deposit machine thing.
3. time consuming!
4. totally not so user friendly too.
5. instead of dumping cheques into some slit of the quick cheque deposit.
6. you need to "perform" specific steps accordingly to some instructions.
7. pity those ah peks or ah mahs!
8. instructions are in english.
9. finally, you need to "confirm" every step.

Yes I agree with you. You still have to be at the ATM to withdraw cash. What's easier and quicker? Just insert card and press on the ATM screen or scroll through your phone? The one behind you in queue must be cursing you.

 

[hurley]

interesting. if the machine eats up my card, i can still my smartphone to draw money?

but seems like there are more disadvantages than advantages

 

[scroobal]

Agree on the report. This originated in Kenya and is now a phenomenon. It facilitates payment to others. I owe Ah Kow $250 dollars. I get on my phone and engage the mobile cash feature. A user ID and OTP (one time password) is created. You then SMS Ah Kow the details and he can go to the UOB ATM to get the money that he is owed. Since you can do that, you can also get your cash without the card. The western culture of going Dutch is another event where this can be done. Both you go to restaurant for a meal and it is a single receipt affair. You go to the cashier, one of you will pay the bill. The other chap will then use the mobile banking apps to do a transfer to your account for his share. Bank of America rolled it out and others a now doing it. Its called P2P mobile banking. Person to Person.

The details on the report is incomplete, but I would be highly doubtful you don't need a PIN card to draw cash.

 

[scroobal]

It's no different to you doing Internet banking. It carries the same inherent risk.

But dun know whether it is hack proof. If the phone siwtches to wifi mode, somebody with a code cracker can intercept and hijack yr passsword.

 

[scroobal]

Bro, when the Banks first introduced ATMs the Ah Peks and Ah Mah's had the same complaints. Change is always difficult. It is not meant for them but for the younger generation who are highly mobile and tech savvy.

hi there1. aiyoh!2. you should also try dbs cheque deposit machine thing.3. time consuming!4. totally not so user friendly too.5. instead of dumping cheques into some slit of the quick cheque deposit.6. you need to "perform" specific steps accordingly to some instructions.7. pity those ah peks or ah mahs!8. instructions are in english.9. finally, you need to "confirm" every step.

 

[scroobal]

All new bank products must be approved by MAS. An audit trail is a must for all activity including fund transfers. The TM card is an access and authentication device. It carries no history of transaction activities at all. It carries code in the mag stripe and the password that you memorise to do a transaction. So instead of the code from your card mag stripe, that code is now in your handphone. I know of people who have their entire account emptied over a period of days after their card was skimmed in an ATM and the card details including the PIN was captured via pinhole camera. Without the card and an OTP, the risk is lesser.

I will still uses the ATM withdraw money & pay whomever I don't know & even my family members!, don't want my money to get lost in cyberspace, where there can be no trace, but money withdrawan, and takes ages to credit back into the account.

 

[scroobal]

You can rob the guy of his card and force him to hand over the PIN. No need accomplice.

cool eh...now if i rob you...i just force you to do this on your iphone, while my accomplice will withdraw the money from the ATM...

 

[Rogue Trader]

Agree on the report. This originated in Kenya and is now a phenomenon. It facilitates payment to others. I owe Ah Kow $250 dollars. I get on my phone and engage the mobile cash feature. A user ID and OTP (one time password) is created. You then SMS Ah Kow the details and he can go to the UOB ATM to get the money that he is owed. Since you can do that, you can also get your cash without the card.

Hmm ok. that sounds about right. So another target user are bookies and runners. Just nice for weekly settlements.

The western culture of going Dutch is another event where this can be done. Both you go to restaurant for a meal and it is a single receipt affair. You go to the cashier, one of you will pay the bill. The other chap will then use the mobile banking apps to do a transfer to your account for his share. Bank of America rolled it out and others a now doing it. Its called P2P mobile banking. Person to Person.

Patronised a restaurant in north Sydney recently and was pleasantly surprised there were only a couple of waiting staff. Once led to your table, the waiter hands you an iPad with a customised menu you can order with. It was very intuitive to use and even suggested the pairing wine.

There are still so many automated transactional functions singapore can adopt. The problem is the availability of cheap foreign labour which doesn't give companies incentive to invest in technology.

That said, the self service check out machine is good piece of technology which our local Ntuc fairprice has adopted. Hope more local companies will go down this way and rely less on law breaking FTrash.

 

[diversifyx2]

How to choose which ATM to be used, what happen if there is a function for location of ATM and i choose the wrong one to proceed?

 

[The Penetrator]

The one behind you in queue must be cursing you.

Darling dearie, I love to be behind you . And I sure won't be cursing you !

<3 <3

 

[tanakow]

The UOB is spinning and playing with word.

"Security measures are in place to ensure that customers' bank accounts are not compromised. For example, users cannot withdraw more than $500 a day."

As long as the user can withdraw a single cents from the account without the customer's knowledge, the customer's bank acccount HAS been compromised.