Hi All,
I'm with Bankwest, they have no 2-factor authentication for logging into their account and also only SMS messages for authorising transactions. They seem to have no plans to move to App-based Authentication or enhanced security (I've been asking them for over a year, no interest it seems). Given the amount of SIM Cloning scams going on, I think I should move banks.
Does anyone suggest a better option? How do you find your bank?
Maybe I should switch to their stable brand.
Their security is madness, no 2FA to log on and transfer up to 20k at a time with a simple SMS. No option (their end) to do any better.
I only have a CC there so it doesn't really worry me. I like to separate my main bank accounts so my pay goes somewhere that has no card access or cc accounts.
I've got a business account with Bankwest and they provide a physical token device for 2FA.
Since they already have this for business accounts, wonder why they don't just make this available for personal accounts - if customers specifically request it. At the moment, one can use the same screen interface to log in to accounts that use, or do not use the device. So, it doesn't seem to involve a major effort to provide this for personal accounts. One would think losing customers who care about this issue can be costly too.
I'm with Bankwest as well - I chatted with them regarding 2FA and it's not something that they offer. When asked about protection against SIM cloning, they pushed back and said that is something to be taken up with my telco provider. While they are not wrong, it would be nice to have 2FA as an extra layer of security.
Unfortunately, a lot of the banks that do offer app authentication. Most of them allow a fallback method which funnily enough most of the time is SMS.
I'd recommend you take a look at this list https://www.ozbargain.com.au/node/618677
Strange, owned by commbank which has much better security in app 2FA for eg.