But it might annoy those of us that do!
Monzo took four years or so to even relent to adding the option of locking the app at all. I wouldn’t hold your breath on them adding an entirely new code, it’s not their style.
I like the way it is, but fair enough if you want more privacy protection here. Personally I’m not so worried, if the absolute worst happened and someone had my phone passcode and my phone, they’d have access to some ahem far more private things than my bank balance already
Why? If you wanted to you could always set the app passcode to the same as the device passcode.
Only if it accepted passwords instead of a code. And then I’d have to remember to change one when it changed the other. It’s faff.
Also faff for customer care when people lock themselves out.
There is always going to be some balance between security and usability.
For me banks need to move away from relying on phone numbers for verification. Sim swap can happen by mistake, as happened to a friend, when someone at their mobile company mistyped the last digit of phone number being setup.
Some burglar alarm systems have duress pins typically your pin backwards. This alerts that you’re under duress. Something similar for a bank pin could be useful alerting the bank you’re under threat.
A few financial apps are already passwordless - e.g. Monzo.
I agree. But here’s something I can’t quite get my head around:
As I understand it, passkeys are stored in your Google, Apple or MS accounts (you can port between them). But ultimately you still need to get into those accounts. It’s regressive, but your Google, Microsoft or Apple account will always need a password because it’s the last line of defence and if your phone is stolen or your house burns down you won’t have a second factor.
Is that right?
Thank you.
What I don’t understand is this scenario:
How are things resolved then? Or do you lose your digital life?
(A side thought: most phones require a password before they activate biometrics etc, and often fall back to passwords from time-to-time for no real reason. I wonder how that’ll evolve in the future).
I think the question was though, if you lose your device, what’s the fallback?
Thank you!
I think we might be violently agreeing. This is what I had in mind when I wrote this:
I’ve been meaning to check it out on Google, actually. I do think it’s a good idea, I’m just mildly nervous about the edge cases (I’ve been thinking about getting a Yubikey in case that mitigates it a bit).
I very much hope that Monzo offers this soon - it’s the sort of thing that they could implement pretty easily compared to legacy banks and would be progressive and kinda cool.
Let me introduce you to a digital bank, called Monzo…
I created a passkey for my Google account on my Mac and it appears to have stored the private key in my iCloud Keychain, so it works on my iPhone and iPad, too.