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EU legislation mandates 2FA to access internet banking and confirm payments. SMS is insecure as a second factor and explicitly declared as inadequate by said le
by vsl 2y ago
EU legislation mandates 2FA to access internet banking and confirm payments. SMS is insecure as a second factor and explicitly declared as inadequate by said legislation. I’m not sure if biometrics are required, but in practice banks don’t bother rolling out complicated solutions with tokens for the maybe two persons that at the same time don’t have a smartphone and are sufficiently tech-savvy to correctly use tokens.
Hence de facto requirement of a smartphone for banking.
- rmnclmnt 2y agoThat pisses me off every single time I have to interact with EU banks: no way to have a proper password as 1st factor (pwd managers hate number keypads) and no way to have TOTP 2FA manageable how the f I want. FYI, ironically SMS 2FA is usually still available to cope with people not being able to install their official apps… so back to square one!