If you are a user of a mobile banking service, you can experience the ease of accessing your account balance, last statement, but when it comes to transactions, bill payments, it gets challenging. On the market there are different solutions of the transaction
authorisation especially in browser based mobile bankings;
- simple PIN (unsecure)
- one-time-password generated by an other device (two-device misery)
- one-time-password received in SMS (application switching misery)
- one time-password generated by the another phone app (same as above)
- simple PIN and no possibility to transfer to new payees, but only to partners registered in the online banking (what if i need a new one?)
So far there is no silver bullet, but i advise you to keep an eye on an upcoming technology: voice verification of the transactions in a biometric automated way.
The model is simple: after you have initiated a transaction on the mobile (to new payee or over a limit), the "machine lady" calls you to read back the transaction details and ask for your confirmation, so you need to say a sentence to the phone. If it is you,
the biometric voice check and your transaction passes.
No need for an authentication device, biometric security, it sounds promising doesn't it? Still, the market uptake is not yet there, we are waiting on real success stories and 100% reliability.
Would you consider such a solution secure enough and user friendly?