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From: Richmond <dnomhcir@gmx.com>
Newsgroups: comp.mobile.android
Subject: Re: Codes sent by text message
Date: Wed, 13 Mar 2024 14:25:23 +0000
Organization: Frantic
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"Newyana2" <Newyana2@invalid.nospam> writes:

> "Richmond" <dnomhcir@gmx.com> wrote
>
> | I would rather use it than use an android phone. I don't trust the
> | security of android phones, and I have a suspicion that banks don't
> | either, but they are not taking responsibility. Who will pay if your
> | phone gets malware on it and steals your credentials?
>
>  That's a good question. To read the media it seems that identity
> theft is rampant, though I don't actually know anyone it's happened
> to.
>
>   Credit card companies will usually reimburse losses, but they don't
> have to. They're doing it so far because they profit by encouraging
> people to use cards without worry.
>
>   Debit cards are less protected. Commercial debit cards have no
> protection in the US. With personal debit cards there are
> limitations. If I remember correctly, one is that any theft must be
> reported within something like 2 1/2 days.  How many people even read
> their bank statements or balance their checkbook to know if something
> goes wrong?
>
>   The level of abstraction makes me nervous. WW3 might be started and
> won by one country simply hacking into multiple networks
> simultaneously and tainting the records beyond salvaging. Then
> everyone wakes up the next day a random pauper or
> billionaire. Everything could collapse.
>
>   On the other hand, money under a mattress also has severe
> limitations.
>
>   I avoid any online banking. I can still walk and drive. Social
> security is auto-deposited. I just don't need online banking, so
> there's no sense risking it. I've also locked my credit. In the US one
> can contact 3 credit reporting agencies, establish a lock, and from
> then on no credit cards can be issued. If you need a new credit card,
> you unlock it temporarily. That method also provides a great excuse
> for pushy store clerks who want me to sign up for their store
> card. "Oh, I'd love to, but I have my credit locked. Haven't you done
> that yourself?"

It isn't just the card unfortunately. If you install an app rather than
just receive an SMS, that app can do other things like make payments,
and tell you the PIN number of your card. What happens if someone else
finds the PIN number from your phone? well, the Bank would like to say
it is your fault.

https://www.ftadviser.com/your-industry/2022/09/06/santander-agrees-to-reimburse-customer-after-gym-theft/

HSBC offers both physical and digital secure keys, but the digital one
involves installing an app.

https://www.hsbc.co.uk/help/security-centre/secure-key/