How Major Bank Rolls Out Multi-Layered Security for Millions of Customers.
Commonwealth Bank is introducing a new layer of security to its internet banking, requiring millions of customers to approve each login attempt via the app. The bank claims this will make it harder for fraudsters to access customer accounts. However, critics argue that the added complexity may push some users away from mobile banking altogether.
- The introduction of multi-factor authentication highlights the cat-and-mouse game between financial institutions and cybercriminals, as each side adapts its tactics to outmaneuver the other.
- Will this new security measure ultimately lead to a shift towards more seamless and convenient online banking experiences that are less vulnerable to hacking attempts?