Which bank was that? As someone living in France, I bank with one of the "big banks" and even though I have no idea how their internal networks are laid out, I can't help but shake my head in disbelief whenever they send me an SMS to confirm some operation "for my security". Think adding a new transfer beneficiary, making a "large" bank transfer, or paying online with my credit card. The SMS doesn't even have all the details of the operation. It's something like "are you trying to pay X €?". No word to whom, from where, etc.
This isn't a step up from "nothing", mind. Initially, I used to have some kind of OTP fob for paying online. They then moved to SMS. Then to their app attached to my iphone. Now, back to SMS. I still have the app installed on the same iphone, and I use it regularly.
This isn't a step up from "nothing", mind. Initially, I used to have some kind of OTP fob for paying online. They then moved to SMS. Then to their app attached to my iphone. Now, back to SMS. I still have the app installed on the same iphone, and I use it regularly.