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.

The new digital lock initiative is meant to work as a shield to further protect customers’ savings from scammers. PHOTO: UNSPLASH
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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.

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