this post was submitted on 29 Sep 2025
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[–] pycorax@sh.itjust.works 8 points 20 hours ago* (last edited 20 hours ago) (3 children)

I'm not sure how it works the way where you live but where I live, the way the banking apps are implemented completely violate MFA. They rely on SMS verification which is absurd since if you're phone is already compromised, no doubt your SMSes are too. There's no true multi-device authentication in place and this has led to a huge number of victims being scammed after their devices get compromised by a phishing attack.

The desktop and phone are both insecure, proper security should not have all your eggs in one basket.

[–] DreamlandLividity@lemmy.world 3 points 15 hours ago* (last edited 15 hours ago) (1 children)

Well, yes. But then again, I would trust my GrapheneOS phone not getting compromised over 3 linux devices. MFA is not some ultimate solutions and it is a pain to use.

[–] pycorax@sh.itjust.works 1 points 6 hours ago (1 children)

I mean sure, but that's not the case for the majority of the user base of these banking apps. Is it the most secure? No but it's way better than it is right now.

[–] DreamlandLividity@lemmy.world 1 points 6 hours ago* (last edited 6 hours ago)

So what is the case for most users? Are normal android phones getting compromised (in a way true 2FA would help) often enough it is an issue? I honestly haven't seen any statistic regarding this and anecdotally I don't know anyone whose internet banking was compromised. Whether on phone or desktop.

[–] Regrettable_incident@lemmy.world 2 points 17 hours ago

Yeah, SIM swaps are a concern too.

[–] Auli@lemmy.ca 1 points 19 hours ago

The phone is not insecure because of all eggs on basket.