■ Smartphone law: online banking 2FA == NO authentication

I am one of the few sane people left in the world without a smartphone. Call me laggard if you must, but it pains me to see all the masses hooked on their smart phones, dumbing down and wasting their lives. Machiavelli couldn't have dreamt such a fine tool for voluntary submission and control of the masses. But I digress.

Today's rant is against online banking, where ownership of a smartphone is assumed the default user option lately, and all in the interest of "increased security" — you don't say!? I am all in for secure access to online banking and trading, but IMHO replacing 2FA with smartphone apps goes the opposite direction. When you login to your bank account on your laptop, and receive a text message (SMS) on your mobile phone, that's acceptable 2FA (2 Factor Authentication). Replacing this setup with just a smartphone app, we retrograde to 1FA — and frankly zero security. It is like the old days when we only relied on a PC password to manage our money online.

How on earth can no bank "security specialist" see this obvious logical own goal? Yes I am talking about you Trading 212. Adopting the latest gadgets doesn't mean improved security. Convenience perhaps, but not security.

It gets worse. Whereas online banking passwords meant to be used on a PC have to be strong, I have seen many examples of "avant-guard" banks rely on merely 4-digit PINs to access the equivalent bank account from the phone app. Or even worse, the aforementioned Trading212 smartphone app remains logged even after you close it. How convenient for you and thieves alike. What happens when you lose your phone, or have it stolen? Security out of the window, your life's savings at unnecessary risk. Is this progress?

Replacing 2 pieces of hardware (PC + phone) with a single smartphone app cannot be more secure.
Don't confuse convenience with security!

So dear Banks take heed of your customers' situation. Not everybody has a smartphone. You are not just making my life difficult, you are also making it easier for crooks to steal money. Please come back to your senses!

I hereby motion to define a new category of "technologically challenged" people without smartphones as a new minority. We are an endangered species in need of state protection. Don't discriminate against us. If a guy can be a sexless "it", surely I have a right to live a normal life without a smartphone!