Comment by rahkiin
1 month ago
In the netherlands we do not have physical branches anymore. They died out. All banking started to go through browser. This was very sensitive to malware and viruses, so two-factor was added through phones. Then less and less people had PCs because phone provides enough. Now mobile apps for banking is the only way to do banking. Or it is required for MFA. Even if you’re calling with the bank it is used as MFA
So far in Canada... I must reiterate this, so far, this can and has been fought by one thing. Rural life, and nationalism.
There are plenty of places where mobile phones don't work, especially in the summer when there are leaves on the trees. This means SMS won't really work. So for this path, SMS, the bank has an alternative -- call a number on your account with a voice reading the 2FA code. Thus, landlines or VOIP work here.
When it comes to an app, forcing Canadians to use a phone OS controlled by US companies, still has pushback. An example being, the concept of "A Canadian having to use software from a US company, to identify themselves to a Canadian company" is still a hotspot. Especially with the US wanting to annex us.
So this lock in has not yet occurred.
Really, the phone call to a phone number on your account, not using SMS is as solid a protection, as an app running on a phone controlled by a foreign country's company. It's an alternate path. And it solves the whole 'rural person' access.
Many people living in rural areas don't even bother with a phone type device. Some have Kindles. But by buy a phone, if it doesn't work where you live?
This logic, combined with them closing rural banks, means they have to be quite sensitive here. EG, closing rural banks, then making it difficult to do online banking is political poison for our banks.
Same in Sweden, physical bank branches are rare and even they will often require an appointment. All banking is through bank apps or websites, and you use 2FA extensively. Sweden's digital ID system is called BankID because it was made by banks and, initially, for banking, though now BankID is used extensively for all kinds of government and private services.
That doesn't stop scammers. They also keep getting more sophisticated, often using a combination of social engineering and technical skill, and they keep tricking people into giving them money. So unfortunately, while malware is pretty much a non-factor, scammers still thrive.
Good to know. People should read this when they say cryptocurrencies are bad. Well, guess what, so is cash and your card. Any alternatives?
Cryptocurrencies do not solve any issues described above. It even solves fewer of them as there is no bank giving you support or giving back insured money
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I still do banking through a random reader at ABN AMRO. I really hope they never get rid of it because I trust that little dumb plastic device 1000% more than my phone.
Even better, the system that Rabobank has.
They make you use this separate device to scan a color qr code generated by the app. The details of the transaction you're authorizing are then displayed on this completely decoupled device, no internet, nothing. After keying in your pin you're given an OTP to put back into the app to authorize.
And I haven't checked, but I'm sure the 'payload' the qr code conveys is signed.
What is a "random reader at ABN AMRO"?
Physical OTP generator. Stick your bank pass in the plastic decice and type your pin in the calculator like front and it will give you an OTP for online use.
I wouldn't be surprised if it becomes impossible to even use cash in the Netherlands soon enough. The first year I was here I don't think I did even once. I've been using cash a lot more lately just out of principle and it's annoying - lots of pin-only check out lines, etc.
Laws would need to be changed for that to happen, so don't expect it anytime soon. Also, cash is kind of the one remaining option when there's no electricity. So for disaster planning people have been asked to keep an amount of cash around. With recent developments in European security, the need for this has become all the more clear.