I much prefer card readers the bulk of my cash is in nationwide because they have readers. No one will be making payments to new contacts on my online banking as they won’t get my card and even if they do, they don’t know my PIN.
I work in a bank doing customer service for 3 years now and the only 3 or 4 instances of fraud happening with a card reader was because customers received a phone call from the “bank” and asked for card reader codes “to secure their account.” This was of course a fraudster phoning pretending to be from the bank.
I don’t have stats to back this up I’m just going by experience of speaking to tens of thousands of customers in my time with this bank.
Surely Monzo can identify the device which attempts the login and create 2FA without the user being aware, unless they get a new device which would have to trigger additional checks. I’m no expert so please do correct me if wrong
Of course they could. But to my knowledge they don’t. I just set up a new device recently, and was not asked for any additional information: I entered my email, I opened my mail app, I clicked the link and I was in.
Yes, I’m aware they don’t at the moment. It would be a better option than card readers or authenticator apps though. I guess the question is how to validate a new device. I can see the problems all these options bring.
Out of curiosity, did you install with a different sim? Could the SIM card act as an ID? I mean would this be technically possible?
It’s an interesting subject…
I have the bulk of my money in an interest bearing account but not because of the security. It’s extremely difficult to access for me because there are far too many ridiculous security questions. I have written them all down very insecurely because I need them occasionally, completely ruining most of my banks security.
In my opinion the traditional system is terrible and counterproductive
