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June 16, 2011

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Dean Procter

Entering your phone number isn't good.
Passcodes sound like passwords that just get sent to you insecurely.

As for the solution, that's a question it'll take a big checkbook to answer, make cheques out to me.
It has no passcodes passwords or pins, the content of transactions can be in plain txt, identifiable details are never sent,
there is no encryption involved,
and it works on the net or for transactions, on any phone.
You are the ones losing all the money. :)

Simon_Bale

Chris, we dontlack the brain power neither the money, as everyone wants to have a secure "life"... Its just that there are competing organisations that want to "own" our private keys. Would you ask Microsoft to own them ?...Apple...?...Google..?. The neighbours ?..you need to hide them somwhere for use in the bank app, amazon...itunes...getting those orgs around the table to decide on how its done..sounds like REALLY hard...but soon, very soon it will become THE priority.

L Kolhe

That password by SMS is called otp - one time password - this is used by a uk based bank for initiating payments. It's not for getting into the account though; for that you have to use a password and a passcode; and they have to be complex ... So no way for someone to remember these unless you are blessed with good memory.

Alpeshdoshi

I agree with the sentiment above - having external devices, having to remember multiple passwords remembering long lists of numbers...

What's needed is a way to authenticate by device/user/session on unique information. Also, that it will be a one-time-only session so that no one can copy it.

Funnily enough, we working on something like this right now. Please get in touch to know more.

Gavin Bollard

Increasingly we're seeing a trend towards leaning on other security (facebook, openID etc) as a means of authentication.

I'm not suggesting that any of these existing bodies could be trusted with banking passwords but perhaps there's a good financial opportunity for a trusted security company to create a centralized security system which issues and manages passwords, guarantees security and uses a combination of tokens and biometrics to authenticate.

Of course, putting all your eggs in one basket is fine provided that nobody steals the basket.

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