I've gotten fed up with my bank and have made the decision to move all of my banking elsewhere. This is a rare occurrence for me and, I suspect, for other people as well. It represents an opportunity to optimize and carefully select the best bank instead of just picking the one around the corner like I did the first time round.
One factor which I put a high weight on is the security of my bank, but I'm not a security expert. I have my own views on which factors are important, but I suspect that some (or all) of them are wrong.
Thus: What security factors are important when selecting a bank?
To get things started, my guess is that I should look for include:
- Multifactor authentication
- Authentication which does not enforce low maximum levels of security (e.g. you must use your mother's maiden name for identification over the phone).
- Quick (preferably instantaneous) changes when I chose to update my authentication data (i.e. no 3-business day delays for password changes).
though there are more I can think of...