For subscribers
In banking, security and convenience don’t mix
The new banking security features to lock up savings from scammers create friction. But that is the point.
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The new digital lock initiative is meant to work as a shield to further protect customers’ savings from scammers.
PHOTO: UNSPLASH
Kelvin Law
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A couple of years ago, a family member discovered that her credit card was used to buy cryptocurrencies from a remote tax haven without her authorisation.
She immediately informed the bank, but was told a two-factor authentication SMS had been sent and acknowledged.
