Comment The US banks lag behind (Score 1) 313
The US banks lag behind other countries wrt security. As an example, almost all banks in Poland with online access have implemented TFA. Either MD5 tokens or pre-printed one-time passwords.
You use the additional authentication for "dangerous" operations such as transfers to anyone or pre-defining transfers. You can execute the "reasonably safe" operations (transfers to pre-defined accounts) with just a login and a password.
Overall, a very good compromise between security and inconvenience. What I find strange is that banks in the US are so much behind -- most banks here have had TFA for more than three years now.
You use the additional authentication for "dangerous" operations such as transfers to anyone or pre-defining transfers. You can execute the "reasonably safe" operations (transfers to pre-defined accounts) with just a login and a password.
Overall, a very good compromise between security and inconvenience. What I find strange is that banks in the US are so much behind -- most banks here have had TFA for more than three years now.
