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The biggest problem I see is that the system does not seem to have any form of two-factor authentication at all. Here in Europe, where online electronic bank t

The biggest problem I see is that the system does not seem to have any form of two-factor authentication at all. Here in Europe, where online electronic bank transfers have been commonplace for years, two-factor authentication has been shown to be a must because otherwise levels of fraud become too high.

sp332 14y ago
Are you referring to chip-and-pin? It's broken http://www.lightbluetouchpaper.org/2010/02/11/chip-and-pin-is-broken/ http://www.lightbluetouchpaper.org/2010/02/11/chip-and-pin-i...
- cfn 14y ago
  I think this is slightly different from the article you link. Here in the UK in my business account I have to login with my password and then get a token from a small gadget that authenticates my debit card (I enter the pin and it gives me a unique code that I enter in the banks' web page). Then, when I am in, if I want to do a transfer money to another account I need to use that gadget in a different way and enter a few more details after authenticating again and at the end it gives me yet another unique number to conclude the transaction(s). The article you link to applies to online and offline payments (not transfers) using a POS when paying with a chip and pin card. Although I guess that the same principle might apply to money transfer this has not been demonstrated yet. It certainly is better than the previous version where all yo had to do was reenter your password. It is a bit annoying though.
- rbehrends 14y ago
  No, I am not referring to chip-and-pin, but to two-factor authentication when doing online banking. Chip-and-pin has nothing to do with two-factor authentication and is solely for when the user is present. Two-factor authentication is primarily used when the user is not physically present. For example, my UK bank makes an automated call to me whenever I am sending money to a new recipient, where I have to confirm that yes, I want to send money to that person or institution. To send money from my German bank account, I use a special external device (TAN generator) where I sign off on the details of the transaction itself.
  - sp332 14y ago
    Oh I see, thank you.

sp332 14y ago

Are you referring to chip-and-pin? It's broken http://www.lightbluetouchpaper.org/2010/02/11/chip-and-pin-is-broken/ http://www.lightbluetouchpaper.org/2010/02/11/chip-and-pin-i...

cfn 14y ago
I think this is slightly different from the article you link. Here in the UK in my business account I have to login with my password and then get a token from a small gadget that authenticates my debit card (I enter the pin and it gives me a unique code that I enter in the banks' web page). Then, when I am in, if I want to do a transfer money to another account I need to use that gadget in a different way and enter a few more details after authenticating again and at the end it gives me yet another unique number to conclude the transaction(s). The article you link to applies to online and offline payments (not transfers) using a POS when paying with a chip and pin card. Although I guess that the same principle might apply to money transfer this has not been demonstrated yet. It certainly is better than the previous version where all yo had to do was reenter your password. It is a bit annoying though.
rbehrends 14y ago
No, I am not referring to chip-and-pin, but to two-factor authentication when doing online banking. Chip-and-pin has nothing to do with two-factor authentication and is solely for when the user is present. Two-factor authentication is primarily used when the user is not physically present. For example, my UK bank makes an automated call to me whenever I am sending money to a new recipient, where I have to confirm that yes, I want to send money to that person or institution. To send money from my German bank account, I use a special external device (TAN generator) where I sign off on the details of the transaction itself.
- sp332 14y ago
  Oh I see, thank you.