Comment by devmor
21 days ago
I work in fintech, formerly as a contractor for some major banks, and absolutely nothing you say is true, generally.
This might be the case for a couple of banks - or maybe in one or two specific countries, but broadly, none of what you've said here applies to banks anywhere else in the world.
Which banks outside the US allow you to submit payments using only an arbitrary desktop browser, without any other device getting involved? No mobile phones to receive codes, no smartcard readers, no secure elements, nothing except a browser and a password? I have never encountered such a bank.
FWIW "SMS 2FA" or "email 2FA" can also be done from the same browser (google voice or similar, webmail) and I've used both with banks.
That said, there is one major bank I use that still allows password only.
I’m not sure why “outside the US” is a factor here, but nearly every bank in the world. Some only require email verification, some don’t even require that.
There are banking systems in some countries that do not even require an ATM/Debit card for automated withdrawals, just an account number and grouping code.
It's fascinating that people have had such different experiences here.
In my entire life, I have never banked anywhere that would let you transact or log in with just a desktop browser. You seem to be convinced this is an edge case but every bank in Europe works this way, as far as I know. There are US financial institutions that would do this, but the US financial system is uniquely fraud prone to a level just not tolerated elsewhere. It lagged years behind on chip-and-PIN cards for instance, and largely never managed to roll it out. The US treats bank account numbers as credentials and other stuff that doesn't apply elsewhere.
Just look at this thread: plenty of people saying what I'm saying. If you bank somewhere that lets people use just a browser to do transactions, you're either in an environment where fraud doesn't matter at all, or you're with a bad bank and should leave them.
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