Without SMS, with authorization: Banks introduce a digital signature-like technology for transfers
Banks have found a way to protect customers’ money from theft via the interception of SMS, push notifications and SIM card substitution. Credit institutions transfer users to transaction confirmation pages using a simplified digital signature, which is stored on their smartphones. A number of large banks have already implemented this function for a limited number of customers and transactions. Moscow Credit Bank launched it in full in May 2020. Several more market players, including Sberbank, are considering the implementation of a similar technology. Such a confirmation system will reduce the risk of fraud through social engineering, experts say.
Published on May 27, 2020 on the Izvestia website