[GuestHu]

"Those vulnerabilities can be fixed" -- the same can be said for SMS hacking as there are precautions to take to protect your mobile.

But using a USB key has fewer vulnerabilities than the SMS authentication method, so using Physical Security Key 2fA is more secured than SMS authentication.

but your USB to access your funds is damaged or lost. You just wait for the bank to issue you a replacement while you bleed out?

I don't think the hospital would allow you to bleed out if you did not pay. It's not required to pay for something instantly. It will become your debt if you didn't pay it yet. You can call your loved ones for backup, if none (which is impossible), the hospital could wait and understand if you need to get your replacement USB key to access your fund or do the traditional way of paying which is physically withdrawing money in the bank.

Banks will have to hire and train people so they can provide customer service to customers with problems with their USB.

It doesn't need to hire new people. Banks can retrain their current employees.

maybe your annual fee increases to 10% or something and they start charging fees for services that were free before.

I don't think the bank would increase the annual fee if I agreed to have a better 2FA security method. They would just provide the key and that's it. It's not like a credit card that you would get rewards and other valuable benefits if you pay the annual fee.

But I don't think they have limits on transfers... or the limit is very high for transfers. They should let the user set their own limits.

Ah, yes. I agree with your bank transfer limits idea.

Basically banks are offering this service, but will not do anything if there are problems.

Oh no. Can the users just sue Zelle for failing to resolve their issues? So Zelle could provide a better service.

[cmoneyspinner]

@GuestHu and @kataomoi

You two are having an interesting "back and forth" and I agree with both of you on some of the things you say. But having worked in a financial institution the only thing I will say with certainty is ... Banks don't care about YOU!! They only invest in cyber security if it will benefit them. If you also happen to benefit from their security measures, it's incidental. They were only looking out for themselves. So! You better do what you can do to protect yourself from hackers.

[kataomoi]

But using a USB key has fewer vulnerabilities than the SMS authentication method, so using Physical Security Key 2fA is more secured than SMS authentication.

I didn't say it wasn't more secure. But since neither method is hack-proof, banks have to decide if it's worth it to upgrade.

I don't think the hospital would allow you to bleed out if you did not pay. It's not required to pay for something instantly. It will become your debt if you didn't pay it yet. You can call your loved ones for backup, if none (which is impossible), the hospital could wait and understand if you need to get your replacement USB key to access your fund or do the traditional way of paying which is physically withdrawing money in the bank.

I said it as an example. Of course, the hospital will not let you bleed out, lol. But emergencies happen and losing your USB means you won't have access to your funds when you need it the most. Even something simpler like forgetting your wallet after you dine. If your USB is damaged, you won't be able to pay for your meal.

It doesn't need to hire new people. Banks can retrain their current employees.

Do you know how much it costs to train an employee? It costs about $2000 to train each employee. And they would still need to hire new people. If they train people from fraud protection on "USB problems", then there will be less people working in fraud protection. In the end, they are still spending more money.

I don't think the bank would increase the annual fee if I agreed to have a better 2FA security method. They would just provide the key and that's it. It's not like a credit card that you would get rewards and other valuable benefits if you pay the annual fee.

Yes they would. Banks are not charities. If they are spending more and earning less, they will increase the fees to its users so it can continue to make money. There's no way they'll upgrade and spend thousands and eat the cost themselves. That's just wishful thinking on your part.

Oh no. Can the users just sue Zelle for failing to resolve their issues? So Zelle could provide a better service.

They can try, but will likely not be successful. That's why banks shouldn't partner with them. It's very insecure.

You two are having an interesting "back and forth" and I agree with both of you on some of the things you say. But having worked in a financial institution the only thing I will say with certainty is ... Banks don't care about YOU!! They only invest in cyber security if it will benefit them. If you also happen to benefit from their security measures, it's incidental. They were only looking out for themselves. So! You better do what you can do to protect yourself from hackers.

Haha, I agree. And this goes for all institutions, not just financial ones. They will not upgrade unless it benefits them, or unless there's a security breach that hurts their reputation!

[GuestHu]

But emergencies happen and losing your USB means you won't have access to your funds when you need it the most.

You can just contact the bank to access your fund if it is badly needed.

If they train people from fraud protection on "USB problems", then there will be less people working in fraud protection.

I don't think so. I think solving USB keys problems is mostly about the things to do if it got lost or stolen. Its solutions are not too broad and complicated that it requires hiring a person.

That's why banks shouldn't partner with them. It's very insecure.

Banks don't care about YOU!!

@cmoneyspinner, can't argue with that. Haha

[kataomoi]

You can just contact the bank to access your fund if it is badly needed.

If it was so easy, there would be no online banking. People would just call the bank to get funds. Upgrading to a physical USB would be pointless if we had to call the bank to get funds. It's like taking a step forward and two steps back.

I don't think so. I think solving USB keys problems is mostly about the things to do if it got lost or stolen. Its solutions are not too broad and complicated that it requires hiring a person.

Uh... how about damaged USB? Glitching USB? People who need help walking through the process to set-up/use their USB? There are so many more problems. Plus no matter what, if banks are taking their associates and asking them to do something else, it will cost them more money. Banks aren't going to use their profits to make up the difference; they will make up the difference by increasing fees.

[peachpurple]

I thought there are 3 level of security measure? There is one bitcoin wallet site that uses the 3 level security, very reliable

[GuestHu]

Upgrading to a physical USB would be pointless if we had to call the bank to get funds.

https://support.yubico.com/hc/en-us/articles/360013708460-Yubico-Login-for-Windows-Configuration-Guide#:~:text=A%20recovery%20code%20is%20a,the%20account%20are%20also%20available.

how about damaged USB? Glitching USB?

replacement

People who need help walking through the process to set-up/use their USB?

user guides paper, youtube, google

[kataomoi]

replacement

1) You need humans to handle replacement. 2) They will not send out replacements without troubleshooting first (again, requires humans to assist).

user guides paper, youtube, google

If everyone just used Youtube or Google, then they wouldn't need a customer service line for anything. It doesn't work that way no matter how much you try to deny it. If you are offering a new service (in this case, a USB), it will drive the costs up. Simple as that.

[GuestHu]

They will not send out replacements without troubleshooting first

lol. what would they troubleshoot? They will replace the lost USB key for sure. And of course, it requires a human being to give the replaced USB key to the user.

[kataomoi]

lol. what would they troubleshoot? They will replace the lost USB key for sure. And of course, it requires a human being to give the replaced USB key to the user.

What you quoted:

how about damaged USB? Glitching USB?

replacement

We were talking about damaged USBs, not lost USBs. Someone who calls in and says their USB is damaged will not automatically get a replacement. Customer service will try to troubleshoot and fix the device first. That's how it is for all electronics. They cannot simply take your word that the product is faulty and send you a replacement.

People do not work for free. If banks want their associates to do more, they'll have to pay them more.

Bottom line, if you expect more services or a "better" upgraded security from your bank, then you're going to have to expect more fees as well. Nothing is free.

[Abigael]

This information is very educative. I was still believing what many others believe, that 2FA is very safe. So hackers can just hack it too and steal from people.

[GuestHu]

They cannot simply take your word that the product is faulty and send you a replacement.

They will replace it. And it easy to tell if the USB key is intentionally damaged or not. I don't think people would intentionally destroy their USB key unless they're lunatic.

[kataomoi]

They will replace it. And it easy to tell if the USB key is intentionally damaged or not. I don't think people would intentionally destroy their USB key unless they're lunatic.

They will replace it AFTER they confirm the product is damaged. A lot of the times the product is not damaged -- people just don't know how to use it properly so it appears as "not working". That's why they have to troubleshoot to make sure the product is actually damaged before they send a replacement.

No one intentionally damages their USB but people are capable of lying. No company will simply take your word and send you a replacement (usually free replacement).

Anyway, I don't see the point in continuing this conversation. My point is if you want better security and more customer service, you're going to end up paying for it one way or the other. Nothing is free.

[ptrikha21]

Oh This is shocking- now Hackers have found a way of attacking 2FA also!

If people who always criticize using High tech in banking and Finance come to know this, they will say
"Oh we told you, such things are never safe."
But I think the Banks and Financial Institutions would figure out a way to counter this.

[ranamal]

When you are browsing online there are many risks we need to take care,