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Two Factor Authentication

Investment discussion for beginners. Why you should invest your money, get help getting started
stevensfo
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Re: Two Factor Authentication

#462831

Postby stevensfo » December 3rd, 2021, 10:34 am

jonesa1 wrote:
tjh290633 wrote: Totally unacceptable in my view.

TJH


You can always take your business elsewhere. I've just opened a Monzo account, mainly so I'm not totally dependent on my main bank in case of IT issues, it seems to operate fairly painlessly.


Sorry for replying a bit late, but I also have Monzo, and they have been criticised for their rather lax approach to security.

I have quite a few of these new Fintech accounts and I have to say that Monzo is the only one that lets me open and operate the app without a password or indeed, any authentication step whatsoever! Rather worrying.


Steve

Watis
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Re: Two Factor Authentication

#462838

Postby Watis » December 3rd, 2021, 10:54 am

stevensfo wrote:
jonesa1 wrote:
tjh290633 wrote: Totally unacceptable in my view.

TJH


You can always take your business elsewhere. I've just opened a Monzo account, mainly so I'm not totally dependent on my main bank in case of IT issues, it seems to operate fairly painlessly.


Sorry for replying a bit late, but I also have Monzo, and they have been criticised for their rather lax approach to security.

I have quite a few of these new Fintech accounts and I have to say that Monzo is the only one that lets me open and operate the app without a password or indeed, any authentication step whatsoever! Rather worrying.


Steve


Could Monzo be using facial recognition to confirm your identity?

Watis

stevensfo
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Re: Two Factor Authentication

#462849

Postby stevensfo » December 3rd, 2021, 11:18 am

Watis wrote:
stevensfo wrote:
jonesa1 wrote:
You can always take your business elsewhere. I've just opened a Monzo account, mainly so I'm not totally dependent on my main bank in case of IT issues, it seems to operate fairly painlessly.


Sorry for replying a bit late, but I also have Monzo, and they have been criticised for their rather lax approach to security.

I have quite a few of these new Fintech accounts and I have to say that Monzo is the only one that lets me open and operate the app without a password or indeed, any authentication step whatsoever! Rather worrying.


Steve


Could Monzo be using facial recognition to confirm your identity?

Watis


No, there's nothing. Unless they're somehow doing it without me realising, but I very much doubt it.

I only use Monzo for their fixed-term savings accounts, so I'm not that worried, but if it were my main current account, I'd be more concerned. Fortunately, as with most of these new-fangled online accounts, my phone lets me know the moment any transaction occurs.

Steve

dave559
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Re: Two Factor Authentication

#462857

Postby dave559 » December 3rd, 2021, 12:09 pm

With Monzo, you have to enter your card PIN to authorise any transaction that you make in the app, so there is that level of security, at least: nobody can just go and spend your money without requiring some form of authorisation. You can also set the app to require fingerprint recognition when you open it (presumably you can use facial recognition instead, if your phone supports that). I agree that permitting no authorisation to open the app seems a bit weak, but, on the other hand, someone who has stolen your phone would need to get past the phone's own unlocking mechanism first to even be able to get to that stage. I agree that it seems a weaker setup than other banking apps have, however.

XFool
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Re: Two Factor Authentication

#489191

Postby XFool » March 25th, 2022, 4:21 pm

This now seems to be being implemented, after years of delays. Leading to all the usual journo hysteria:

Shoppers fear online checkout chaos and declined payments as new ID checks now apply to purchases: Here's how to help yours get through

This is Money

What if you don't have a smartphone?
Experts have also warned that a substantial number of people, including the elderly, those without mobile phones, or in areas with poor mobile signal, will be hit hardest by the changes.

Like... you need a "smartphone" to receive a text message? No mention of card readers...

Lootman
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Re: Two Factor Authentication

#489204

Postby Lootman » March 25th, 2022, 5:06 pm

XFool wrote:This now seems to be being implemented, after years of delays. Leading to all the usual journo hysteria:

Shoppers fear online checkout chaos and declined payments as new ID checks now apply to purchases: Here's how to help yours get through

This is Money

What if you don't have a smartphone?
Experts have also warned that a substantial number of people, including the elderly, those without mobile phones, or in areas with poor mobile signal, will be hit hardest by the changes.

Like... you need a "smartphone" to receive a text message? No mention of card readers...

No, you don't need a smartphone to receive a text. An old-style flip mobile phone can receive texts.

Except overseas perhaps where for me it only ever worked with a smartphone.


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