Comment by pwlb
12 hours ago
Banks actually have high fraud rates today because of weak security mechanisms. If attackers steal your money, the bank will reimburse you. If attackers steal your identity, you are really screwed. Security requirements for banking and identity are simply different.
Mobile Google account based is even weaker than hardware tokens used by banks. Make of that what you will.
Please give some evidence that this is due to hardware tokens failing where a smartphone based solution would have prevented it
If they use SSN as a password, it doesn't mean you can't have something slightly more reasonable without going full cyberpunk dystopia.