Disruptive technologies spur the evolution in the financial landscape, with comprehensive applications providing convenient access to customers’ banking needs. However, unbeknownst to many, hackers can easily find a way around the most common two-factor authentification methods. Vietcombank’s (VCB) Digibank phone app. Tran Viet Luan from Ho Chi Minh City had his account activated via Vietcombank’s (VCB) Digibank phone app, and within seven minutes, VND406 million ($17,650) was transferred to a beneficiary at MSB and SeABank. Vietcombank’s VCB Digibank, launched in July, integrates the bank’s online trading platforms with its existing services. The state-owned lender believes the app will offer an excellent experience to customers. Following this lead, most banks are upping the ante in consumer experience, with some trying to blend experiences from the physical and digital worlds. For instance, VietinBank offers VietinBank iPay Mobile. Meanwhile, HSBC positioned its signature “Banking on the way” app that lets users conduct transactions wherever they are. Standard Chartered is also bringing cutting-edge solutions to customers such as biometrics logins, facial recognition, and fingerprint authentication. However, security is a major concern for users since the potential for losses is huge. For example, after conducting his money transfer through VCB’s Digibank phone app, since Luan… Read full this story
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