AB2012: I think the main intention of the new 2-factor authentication via phone is that it kills off a lot of traditional casual card theft where all you needed was someone's name, address and card number, and could reuse them dozens of times before the card owner realised. Eg, say a website you made a purchase from in the past contained all those details has its database hacked and within minutes yours and thousands / millions of others card details are sold on the dark web. Literally typing those details in online was all it took for fraudsters to buy a multitude of things on a shopping spree, with many stores not even bothering to question different delivery vs billing addresses. (The "CVV2" 3-digit number on the rear of the card is pretty useless vs fraud as online stores do store them (when they shouldn't) and the number doesn't change each time (making it very poor vs fraud prevention).
By requiring something unique (eg, an SMS message with a code that changes each time like how GOG / Steam 2FA logins work) for each time (or at least each major purchase), it drastically reduces the ability for anyone to simply go on a spending spree of high value items with nothing more than knowledge of your card number, name & address. It won't stop anyone hacking your phone / PC, but then the vast majority of hacks don't involve stealing details from individual devices just to obtain one credit card, they're against poorly secured online databases to swipe thousands millions at once. And it does actually reduce fraud, (as does 2-factor authentication, eg, either a phone or something like HSBC's "SecureKey" for logging into a bank or sending money via BACS transfer to a new payee the first time).
I know the reason behind the whole thing, ok? And I don't want argue with that.
But.
Actually, hackers have started attacking 2FA protocol and... Well, I've read some infos about several "successes" achieved by them.
It's a paradox but all I see is that the more companies and governments increase this kind of measures, the more hackers seem enjoy to make them vain.
Security problems haven't been vanished but thorns in costumers' a$$ have increased!
real.geizterfahr: There's no rule in the EU that you have to install an app that gives all your data to the government. What you're talking about is like two factor authentication for online transactions. When I want to pay something online my bank sends me a code via SMS. I just have to enter the code and that's it. And... well... my bank already has all my data. Otherwise I wouldn't have an account there. And they already know about all my transactions, since... well... they're the ones where my bank account is. All they (have to) do now is to ask me if its really me who's trying to waste my money oO
And this is mandatory for a new system of rules made by EU.
So... I don't trust them. Simple.
And, as I already said, call me paranoid but still...
I don't trust them.