You're absolutely right - SIM swapping is a major threat in many parts of the world. If you're a target and the attacker is determined, you could be in serious trouble. However, it's more cost-effective for bad guys to…
What about the transactions authorization?
Authentication is one thing. When it comes to banking - the authorization is the key (no pun intended ;) Believe it or not, SMS is still one of the best ways to authorize sensitive transactions, even when compared to…
> You didn’t explain how this gives you any protection akin to a physical chip on a debit card… In both cases you (an admin) control how many attempts you wish to accept before sacrificing the usability over security…
You're over complicating this. In fact it might provide a similar kind of protection the physical chip provides for debit cards. Let me explain: 1. Someone (anyone) initiates the login flow 2. The user record in a DB…
You're absolutely right - SIM swapping is a major threat in many parts of the world. If you're a target and the attacker is determined, you could be in serious trouble. However, it's more cost-effective for bad guys to…
What about the transactions authorization?
Authentication is one thing. When it comes to banking - the authorization is the key (no pun intended ;) Believe it or not, SMS is still one of the best ways to authorize sensitive transactions, even when compared to…
> You didn’t explain how this gives you any protection akin to a physical chip on a debit card… In both cases you (an admin) control how many attempts you wish to accept before sacrificing the usability over security…
You're over complicating this. In fact it might provide a similar kind of protection the physical chip provides for debit cards. Let me explain: 1. Someone (anyone) initiates the login flow 2. The user record in a DB…