Comment by applfanboysbgon
2 hours ago
That is the exact problem. You have identification tied to your device. Your device is lost or stolen. Now you can't access your bank account. Human support can help you out by finding flexible ways to ascertain your identity. This is the angle social engineers exploit, tricking employees trying to be helpful to abuse that area of flexibility. You can take away human judgment and all flexibility in the system, and that will make the system more secure, but it also results in a deeply uncaring system that makes life harder for people. Rigid bureacracy doesn't do a good job of accounting for a house fire destroying everything you own or your e-mail provider shutting down; these are fringe cases but they do happen and there are positive resolutions available as long as human discretion is involved.
No.
You don’t tie it to “your device”.
You tie it to your security key.
Which is treated like a credit card.
and your extended family, friends, or volunteers can act as social proof to allow you back into your accounts,
if your key burns up, it breaks and you were too cool to provision a backup, etc.