I love mobile banking apps! They are truly very handy when you are on the go. One major pain point that I gripe about constantly is the need to enter your password each time you use these apps. It really slows you down! I think there is a better way. I wish that my banking app would save my password and give me the option to set a passcode! My phone already has an additional layer of security, a device passcode. What’s the risk right? The banking app could be configured to deny the use of passcode if a device passcode or password is not set. Take that!
Enabling passcode security on mobile banking apps would enhance security in my opinion. I use unique, complex passwords for everything, and the act of typing in my password would not be feasible without a password manager. Without a password manager people set passwords that are easy to recall which are more susceptible to attacks. By allowing passcodes on your mobile banking app, you would be encouraging folks to set more complex password which in my view is a win for security.
My question is why the banks can’t get this?