This is a major issue, as no bank wants its customers to be presented with the message, “you may be communicating with an attacker.” This is how the browser (Google Chrome) explains the message:
“When you connect to a secure website, the server hosting that site presents your browser with something called a “certificate” to verify its identity. This certificate contains identity information, such as the address of the website, which is verified by a third party trusted by your computer. By checking that the address in the certificate matches the address of the website, it is possible to verify that you are securely communicating with the website that you intended and not a third party (such as an attacker on your network). In this case, the certificate presented to your browser has been revoked by its issuer. This usually means that the integrity of this certificate has been compromised and that the certificate should not be trusted. You absolutely should not proceed past this point.”
It’s unclear at this stage what exactly has caused the problem. This is a major concern to customers who use Chase online banking to pay bills and transfer funds. If Chase doesn’t resolve the issue shortly, it could cost them a pretty penny – they would have to reimburse late fees incurred by customers unable to access online bill pay.
The last time the site went down, Chase told customers that the site was down for “scheduled maintenance” when in fact it was revealed much later that the problem was a software error caused by a third party. Twitter was ablaze with irate customers wanting answers. It was a PR nightmare, one that hopefully will not happen this time around. Hopefully Chase will provide some information shortly and notify customers about what is going on.
UPDATE 1:10 pm: It appears the site is back up.
- IT Spending in Financial Services: A Global Perspective (January 2010)
- IT Spending in Banking: A North American Perspective (January 2010)
I find it curious that a bank would like to extend itself into the retail business. Granted consumer cards are used for retail purchases, but positioning the bank as a place to shop online is a completely different matter. The big question here is can TD encourage consumers to switch to a TD Visa by offering them shopping discounts? Even if customers do sign up for a TD Visa card, offering them a single deal or a handful of deals is not enough to encourage customers to alter their affiliations. Can it be used as a carrot? For sure. However, the features and rates of TD Bank’s cards would have to be extremely compelling in order for customers to switch. In fact, I would argue that TD is more likely to attract one-off deal shoppers than a loyal contingent of converts. It is also a nice feature/perk for existing cardholders.
TD also promotes the MyAXS offering on its own web site, buried in a section called “Related Services.”: