Changing Passwords
I asked them about 18 months ago if they were planning to upgrade their security as I did not feel secure knowing that I had a lot of money (by my standards anyway) in my Betfair account and this was protected by a single password.
I suggested that they should look at what banks do to protect their online customers which included the use of RSA security tokens. They came back with the 'stock' answer that they were not planning to upgrade their security infrastructure.
To be honest, I would be happy to pay a small annual fee for this facility to be available or if you pay PC, it should be a free option.
I suggested that they should look at what banks do to protect their online customers which included the use of RSA security tokens. They came back with the 'stock' answer that they were not planning to upgrade their security infrastructure.
To be honest, I would be happy to pay a small annual fee for this facility to be available or if you pay PC, it should be a free option.
Thinking off the top of my head here.
Could we collectively (as BA users, under a BA users banner) go to Betfair and start some dialog. using the leverage that if they do not commit to doing something then we will withdraw our balance daily.
I expect many of us have substantial amounts of deposits. If i remember correctly they made £7MIL a couple of years back just on interest of the deposits they have. Add to that the administration costs that they would incur, plus the bad press that a large collective would attract.
Imagine the damage that some sob stories of deposits being stolen in a national newspaper would do to their share price. Lets be honest here, it's the share price that dominates everything that BF does now. They have no interest in their customers anymore, as we all know.
I am sick to death of them quoting their dodgy terms and conditions every time they want to get out of a sticky situation. There is no other company in the world that could get away with treating their customers with such indifference and contempt.
Technology does exist to protect OUR money, we deserve protection surely?
Could we collectively (as BA users, under a BA users banner) go to Betfair and start some dialog. using the leverage that if they do not commit to doing something then we will withdraw our balance daily.
I expect many of us have substantial amounts of deposits. If i remember correctly they made £7MIL a couple of years back just on interest of the deposits they have. Add to that the administration costs that they would incur, plus the bad press that a large collective would attract.
Imagine the damage that some sob stories of deposits being stolen in a national newspaper would do to their share price. Lets be honest here, it's the share price that dominates everything that BF does now. They have no interest in their customers anymore, as we all know.
I am sick to death of them quoting their dodgy terms and conditions every time they want to get out of a sticky situation. There is no other company in the world that could get away with treating their customers with such indifference and contempt.
Technology does exist to protect OUR money, we deserve protection surely?
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andyfuller
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- Joined: Wed Mar 25, 2009 12:23 pm
Issue with withdrawing on a daily basis is the number of days it can take to hit your bank account. What I take out on a Thursday doesn't hit my bank account until very late on Monday so effectively Tuesday. As such you need to have a lot of free money to keep allowing you to take out and put in on a daily basis.
Think Peter said in his interview he had £250,000 in his account so would require access to £1,000,000!
Think Peter said in his interview he had £250,000 in his account so would require access to £1,000,000!
Andy, I'm sure Peter has a couple of Mil hanging about 
But I take your point.
I usually keep much more in that I need cos I'm too lazy to withdraw it so often. I'm changing that with immediate effect.
If Peter has 250 grand in his account what happens if he's hacked?
But I take your point.
I usually keep much more in that I need cos I'm too lazy to withdraw it so often. I'm changing that with immediate effect.
If Peter has 250 grand in his account what happens if he's hacked?
My net exposure is quite low most of the time so I've taken to keeping only a small amount in my account at any point. Mainly due to security concerns. I'd rather have the money sat elsewhere where security is acceptable. I monitor log-ins each day.mugsgame wrote:If Peter has 250 grand in his account what happens if he's hacked?
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I just used Peter as an example as he mentioned his balance in the interview. But it is all relative. I always withdraw any money over my set balance after the end of the days racing. I may as well earn the interest on the money rather than BF and it only takes a second to do.
But if I were to lose my balance it would take me a good while to get it back. But I just wanted to highlight the delay in the transfer of funds - however Betfair did say in the last forum chat they were looking at doing faster payments so it would become more feasible.
But if I were to lose my balance it would take me a good while to get it back. But I just wanted to highlight the delay in the transfer of funds - however Betfair did say in the last forum chat they were looking at doing faster payments so it would become more feasible.
I see that Betfair's email to the poor guy basically just said 'Sorry mate, we're not liable!'.
Very helpful! Betfair sure set the standard for customer service!
Jeff
Very helpful! Betfair sure set the standard for customer service!
Jeff
Zapata wrote:Hope you are all remembering to change your passwords regularly.
http://www.punterslounge.com/forum/f22/ ... ue-113426/
With Barclays accounts, as you need to insert your debit card into a device and enter your pin in order to access your account online.
I don't know how expensive that kind of technology is, but I bet there's be a lot less hacking into Betfair accounts if they used such a measure...
Jeff
I don't know how expensive that kind of technology is, but I bet there's be a lot less hacking into Betfair accounts if they used such a measure...
Jeff
Euler wrote:I was at Betfair yesterday and one of the suggestions I made was that they improve security, I don't think just a password is enough TBH.
I don't want to sound defeatist, but as discussed elsewhere in this forum, Betfair won't be particularly bothered what we think as long as they remain a monopoly...
Jeff
Jeff
Euler wrote:Maybe we should lobby harder. It was just one of a number of things I raised.
Personally, I wouldn't bother making to suggestions to Betfair.
It's not like someone's going to sit there and give them serious consideration. It's like making a suggestion to your MP - you'll just get the standard party line in reply, before they file your letter in the bin...
Maybe I'm just getting all bitter and twisted in my old age...
Jeff
It's not like someone's going to sit there and give them serious consideration. It's like making a suggestion to your MP - you'll just get the standard party line in reply, before they file your letter in the bin...
Maybe I'm just getting all bitter and twisted in my old age...
Jeff
SpikeyBob wrote: I suggested that they should look at what banks do to protect their online customers which included the use of RSA security tokens. They came back with the 'stock' answer that they were not planning to upgrade their security infrastructure.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Never understood why people pay Betfair twice for looking after their money. Firstly in the interest you miss out on over the year and secondly allowing them to earn interest on it.PeterLe wrote:I've been letting my balance build up over the last few months in anticipation of Cheltenham...this thread is making me think about withdrawing it into a savings account !
It takes no more effort than the effort needed to place a bet to withdraw the money and put it into a savings account or current account - you can get 4% on your money in a current account for example on amounts up to £21,000 relatively easily.
You just have to look at Betfair's end of year results to see how much money they make from people leaving money on deposit - obviously you need a working bank but anything extra I take out daily as I already pay them enough in commission and Premium Charge so I don't feel the need to pay them to earn money on my money.
Alongside the security issue there is always the issues of what if Betfair were to go bust? You and I would be the last people to get paid, very unlikely to happen ofcourse, but more easily likely given the state of the UK banking sector is the bank (whoever that is????) that Betfair hold all our money on deposit with were to go bust you could kiss goodbye to all of the money......