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Financial institutions are very slow to adopt new tech. Especially tech that will inevitably cost $$$ in support hours when users start locking themselves out o
by Liquix 3y ago
Financial institutions are very slow to adopt new tech. Especially tech that will inevitably cost $$$ in support hours when users start locking themselves out of their accounts. There is little to no advantage to being the first bank to implement YubiKey 2FA. To a risk-averse org, the non-zero chance of a botched rollout or displeased customers outweighs any potential benefit.
- monksy 3y agoThey're pretty terrible when they do. For the longest time the max password size was 8 characters and the csr knew what your password was. Heck I've had Chase security tell me they'd call me back.. dude that's exactly how people get compromised.
- biglost 3y agoA friensd bank, hopefully not the one i use, only allow a password off 6 digits. Yes You read it right, 6 fucking digits to login, i hace him the asvice to run away from that shitty bank
- foepys 3y agoDid this bank start out as a "telephone bank"? One of the largest German consumer banks still does this because they were the first "direct bank" without locations and typing in digits on the telephone pad was the most secure way of authenticating without telling the "bank teller" your password. So it was actually a good security measure but it is apparently too complicated to update their backend to modern standards. They do require 2FA, though.
- asm0dey 3y agoDiBa?
- doubled112 3y agoExactly. 8 character password in the 2010s as the only factor was fine. It was only my money we're talking about. Now I have to wait for an SMS. Great...
- throwaway2990 3y agoSMS is fine on most countries. It’s just America is dumb and allows number transfers to anyone.
- KiwiJohnno 3y agoIts also been a problem in Australia, Optus (2nd biggest teleco) used to allow number porting or activating sim against an existing account with a bare minimum of detail - Like a name, address and date of birth. If you had those details of a target you could clone their SIM and crack any SMS based MFA.
- chris_wot 3y agoIs that alllowed now still?
- throwaway2990 3y agoApparently changed in 2022 to protect consumers.
- eru 3y agoNumber transfers in other countries is also mostly just a question of a bit of social engineering.
- throwaway2990 3y agoNo. Most require some form of identification or matching identification between mobile providers.
- grepfru_it 3y agoUh many banks provide MFA. And secure with hardware keys. It’s just that your level of assets doesn’t warrant that kind of protection. Source: worked at all the major banks, all the wealthy clients use hardware MFA
- heyoni 3y agoThey’re a bank. If they can secure their portals with hardware keys, at least allow customers to onboard their own keys.
- LtWorf 3y agoMy bank gave me an hardware token to protect my 5k€ account. Get better banks people :)
- grepfru_it 3y agoI meant to say in the us. You know how backwards we are here :)
- wsc981 3y agoThe bank I used in The Netherlands provides a MFA device as well. The device requires an ATM card as well to generate a random number. This is the default for all their customers, wealthy or not. https://www.abnamro.nl/en/commercialbanking/internetbanking/e.dentifier/index.html https://www.abnamro.nl/en/commercialbanking/internetbanking/...
- grepfru_it 3y agoI meant to say in the us :)
- darkr 3y ago> There is little to no advantage to being the first bank to implement YubiKey 2FA Ideally they’d just implement passkeys (webauthn/fido). More secure, and it works with iOS, android, 1password, and yubikeys