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 authenticatio

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.