As long as the fraudster keeps practicing in the mirror, they’ll be fine then 
Heaven help us should Rory Bremner fall on hard times!!
@Chapuys has advised pretty brilliantly here.
Were a bank and we’re obligated to store personal and sensitive data in way that is in line with regulations.
If you can’t access your app, which is our primary way of verification (as it’s pretty secure and there’s been a section on a TV show about it) we ask for photo verification as we have no way of handling your request face to face.
If you’re changing your contact details with most other banks you’re already logged in, using a combination of usernames and passwords and memorable works and keys.
We rely on your email and a magic login, if we’re not completing adequate security measures that puts access to your account at risk.
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I’ve worked in finance for 20 years in both Banking and Investment Platform contact centres.
There is no way you can rely on clients confidence for your DPA procedure, let alone taking requests to change anything. A fraudsters very first request is often to change personal information, and number one on the hit list is e-mail. After that they can change everything else.
Fraudsters who have done their work will sound very convincing on the phone. I once identified a fraudsters attempt to remove 200k from our accounts. He sounded convincing, knew our procedures, and almost got away with it except for the fact he didn’t remember his victims previous address they changed it from. After that fact was spotted the rest fell into place.
In reverse clients can also not sound convincing. They can be vulnerable, have difficulty in communicating, might not be prepared properly for the security questions.
Going on just someone sounding confident is a small part of DPA, but that’s not sufficient on its own by a long shot for suitable security to change important personal information on a record that can give potentially anyone access. Any of my staff even disclose an email address to a caller even when DPA has been completed gets a reprimand.
Also I really don’t think a 2 min hold for someone to just check they are giving you the right information is out of line. Any more, yes I’d be saying you should get back to the client to tell them you will be longer. Where I work again, give a client the wrong information, it’s a fail and you get reprimanded.
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Security can be a PITA… even when using the chat within the app I’ve had to send selfies - but the results of relaxing security it is what happened to somewhere I worked - a fraudster called up phone banking, answered a couple of questions that were easily found from companies house, transferred the entire company accounts to another bank, then vanished.
Monzo having low transfer limits and strong security reassures me that is not going to happen to me… it’s worth the inconvenience.
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You mention you have experience working with banks whose processes you outline. I’d be very interested in hearing which banks - and how recently.
Grateful for more information!
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TSB Bank, I worked for them from April 2018
@arn92, thank you for the clarity. I’m surprised, but I guess each bank has its own processes.
Personally, I’d want my bank to be far more thorough than that.
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I highly doubt it is as black and white as the OP is making. They’d be a fraudsters paradise if that was the case.
Thankfully I don’t have a TSB account otherwise I’d be concerned 
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I too dream of a world in which security isn’t needed. Sadly, that isn’t so and Monzo have some of the most user friendliest security checks going.
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