German banks are moving away from SMS-based customer authentication and transaction verification (called mTAN or SMS-TAN), as the method is deemed to be too insecure.
According to German business news outfit Handelsblatt, a number banks – whether private, co-operative or public – have either stopped offering the option or are planning to remove it by the end of the year. Among these are Postbank, Berliner Sparkasse, Consorsbank, and others.
The reasons are mostly due to security and regulation compliance
Since a lot of people do their online banking via their mobile/smart phones, hackers need to compromise only this device to get all the information needed to perform a fraudulent transaction. Users can have also their online banking credentials compromised and be targeted with fake text messages purportedly comi ..
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