Subject says it all

I was suspicious about their rule that the app can't be used on rooted android devices, the excuses being that keyloggers can be installed on such devices (which they can - they can also be installed on unrooted devices and are harder to find -plus they allow use of online banking from practically any platform).

Anyway, I installed the app on my own phone and dug around a bit to see what the real reason was, turns out that account data is stored on the phone and not in an encrypted format but merely obfuscated. Should you use this app and then lose your phone (your unrooted phone too, meaning no remote access and deletion or GPS tracking to recover it) the thief also has access to your bank account.

Do not use Barclays full stop.

I'm amazed they are allowed to make it in such a way as it can be so easily misused.
Quite scary really, these guys are meant to know how to keep our money safe. Why not cut out the middleman and have Barclays staff just hand our cash straight out to strangers on the street?

The stupidest thing is that if done right it could be safer than their mobile banking site (which they do allow on rooted devices - thus proving wrong their claim it's to prevent keyloggers).

I actually have 3 different financial apps on my phone which are secure because they either store no info OR the info is encrypted and I need to provide a PIN, for reference the apps are mobile mtgox, HSBC Fast Balance and bitcoinspinner, and i'm thinking of adding paypal to that (already have the ebay app).

Is there a reason for that? Barclays are about average as big UK banks go.

These guys wrote a lot of the code by the way:
http://www.treelogic.com/sectores/servicios-financieros

Stupid question, but what is bar-clays ping-it ? Is it a banking app or something :/

Yup, you can use it to send up to £300 a day to people and small businesses using just a mobile phone number. Not very safely though by the sounds of it!

To be honest, any online transaction that has to do with finances aren't really all that safe. Criminals are getting smarter about stealing people's money online and it's only going to get worse. I think apps that has to do with banking aren't the safest :/

Personally i'd rather trust a computer with my finances than a bank teller

I was not aware of what has been said above regarding Pingit's apparent security issues. However, I find the app to be rather useful as I hate carrying cash around. Plus I don't need to know people's bank details just their phone numbers, and it's so quick and easy. Can't understand how people are so negative and reluctant about it.

I would have to say two things to these critics. The first, in the Terms & Conditions for Barclays Pingit it says they will cover against fraud. The second, I have my Pingit linked to an account that has very limited funds, minimizing risk of theft. Plus, for non Barclays customers like myself, they create an electronic wallet with its own account number and sort code which, so hackers could maybe steal that but not from your actual bank account. Solution? Keep your Pingit wallet below £50 to £100 and top up once every two weeks? Just as you would with an Oyster card, don't see the big deal ...

Interesting first post.

Most people will not have more than one current account, so if you lose your phone with pingit installed you're in big trouble.

Technology Radar man ?