Serious Discussion In the name of stronger security feature, the bank implements this

[HarborFront]

It started with the bank OCBC

Earlier on some bank users got scammed by phishing resulting in the bank to fully reimburse all victims for money lost to SMS phishing scam

OCBC to fully reimburse all victims for money lost to SMS phishing scam; arrangements to be made by next week

SINGAPORE — OCBC will be making arrangements with all customers who were victims of a recent SMS phishing scam to fully reimburse them by next week for the money they lost.

www.todayonline.com

Now, in the name of stronger security feature, it has come out with the condition that its mobile banking app will only work if apps not installed from official stores like Google, Samsung, Huawei and Oppo are uninstalled

New banking app security feature sparks customer outcry; banks say it doesn't conduct surveillance on users' phones

SINGAPORE — To counter malware scams, banks here are rolling out a “stronger security feature” where phone users will not be able to use their mobile banking applications or log in to their internet banking accounts temporarily if their devices have other apps downloaded outside of official app...

www.todayonline.com

And backlash ensues

'How can OCBC tell me what apps to use on my own phone?': Customers upset by new security feature

A new security feature was intended to protect customers but has infuriated them instead. Read more at stomp.straitstimes.com

stomp.straitstimes.com

Following up all banks will soon be rolling out stronger security features too.

It's good to have stronger security feature for mobile banking but implementing in a high-handed manner by telling bank users to uninstall 3rd-party sideloaded apps is not the way to go. So apps from F-Droid, Droid-ify, github etc are unsafe? And apps downloaded from official stores are guaranteed 100% safe?


Luckily, I don't use OCBC mobile banking app otherwise I would not know what to do with my sideloaded apps. I just have to wait and see what stronger security feature my bank would come out with.

Some suggestions include running the bank app in a sandbox like Insular, Island, Shelter etc, get a separate dedicated phone for mobile banking only with no 3rd-party apps installed, install apps via ADB etc

I tried my mobile bank app downloaded from Google Play Store in Samsung Secure Folder but it won't work properly..............hang most of the time

If your bank implements this feature what would you do? Close the account and put your money in another bank?

 

[ForgottenSeer 97327]

If your bank implements this feature what would you do? Close the account and put your money in another bank?

There a few aspects to consider IMO

In EU there is already law that is related to using a device for its intended purpose, e.g. when you would 'dry' your cat in the microwave, you are not using this device for its intended purpose and become fully responsible for the consequences of these actions. Downloading apps from non-official sources could apply to such circumstances.

In the EU there is also law about warranties expiring when you brake the integrity of a device. The suppliers have to mention that in their warranties (when you open your phone, laptop, television, you probably loose your warranty). Rooting your phone could be considered ad breaking the integrity of your device. Rooting not only gives you access to heart of your device, but also any other app your are installing. So you are also increasing your risk profile.

Long story short: It makes sense that when you increase your risk profile, you loose warranties on security I am surprised that IT devices seem to have less usage restrictions than most consumer goods (which most people accept without asking or arguing), So no I would not change.

The only point of critique I have is that it is a half baked limitation: the stores are not 100% malware free and rooting your phone is potentially riskier.

 

[JustInTime]

Downloading apps from non-official sources could apply to such circumstances.

In the EU there is also law about warranties expiring when you brake the integrity of a device. The suppliers have to mention that in their warranties (when you open your phone, laptop, television, you probably loose your warranty). Rooting your phone could be considered ad breaking the integrity of your device.

Well there is no such law in EU which states that rooting your phone would void its warranty.

Unleash the potential of your phone: Rooting your device does not void its warranty - FSFE

As users we sometimes face the issue of rooting our devices. We may want to regain control of our device or we may want to keep using a device with an outd...

fsfe.org

Does rooting your phone invalidate its warranty? (In EU) :: Law is Freedom

This is a joint blog post written together with Matija Šuklje with the goal to disband some popular FUD that you lose your warranty if you flash or root your device Rooting your phone Does rooting your device (e.

www.piana.eu

@HarborFront didn't even mentioned rooting. It was just about using the apps that aren't on stores. Also if same thing happens on Windows, can they say you had software/browser installed from other than Windows Store.