Re:Citibank may lock bank accounts for 45 days if breach sus...
by dredmorbius on Wednesday September 07, 2022 @04:56AM
(#32748242)
This sounds quite similar to a situation which occurred to a close relation over 20 years ago. Again, even in-person with government-issued ID at a branch of the bank, access to funds was impossible (though the account itself was not terminated). The lockout similarly occurred whilst travelling, and they were unable to access funds whilst on an extended holiday, though regained access once they'd returned home.
Most banks, even quite large ones (though Citi might be an exception) no only centralise operations to software but use the same very small number of vendors for that software. Brian Krebs wrote an essay in 2018 giving some details on just how consolidated that market is: <https://krebsonsecurity.com/2018/03/what-is-your-banks-secur...>
The fact that the banks have tied their own hands doesn't excuse them, though this may in part explain what's going on, and how you might choose to calibrate your expectations, risk models, and mitigations.
Another element is that many banks effectively centralise virtually all decision authority within computer systems. Patio11's recently submitted essay on branch banking addresses this in part. See <https://bam.kalzumeus.com/archive/branch-banking/> <https://news.ycombinator.com/item?id=32679233>
Most banks, even quite large ones (though Citi might be an exception) no only centralise operations to software but use the same very small number of vendors for that software. Brian Krebs wrote an essay in 2018 giving some details on just how consolidated that market is: <https://krebsonsecurity.com/2018/03/what-is-your-banks-secur...>
Discussed on HN at the time: <https://news.ycombinator.com/item?id=16534820>
The fact that the banks have tied their own hands doesn't excuse them, though this may in part explain what's going on, and how you might choose to calibrate your expectations, risk models, and mitigations.