Lloyds Bank is close to launching a new system where customers tap their contactless payment cards on their smartphones to prove their identity, cutting down the number of passwords they need to use.
The key principles of two-factor authentication is “something you have and something you know” for example you have the debit or credit card and you know the PIN number.
I am all for using technology to help increase productivity, I have made a career out of it, and mobile banking is a god send as I can run multiple accounts from one application that is with me at all times (I can’t remember the last time I went into a bank), but we must be careful of forgoing security over convenience.
I will be watching these updates with great interest.
