Why is 2FA SMS OTA NBG?

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The National Fraud Intelligence Bureau (NFIB) and one of the UK’s largest mobile phone networks, EE, have raised concerns about banks’ growing reliance on text messages when authorising large payments.

FBI turns up the heat on banks over Sim scams | Money | The Sunday Times:

I seem to remember first raising concerns about the banks’ use of text message for authorisation about a decade ago, but no-one ever listens to me. Of, it appears, anyone else who has said this over the last ten years or so.

Now, I’m not saying that no banks at all have listened to the cacophony of security experts telling them not to use text messaging for a purpose for which is was never intended. Earlier this year, German banks dropped support for SMS -based OTP as 2FA for SCA in PSD2 .

In the UK, it’s the mobile operators who have taken action. They have created something call “SMS Phishguard” which means that (I think) fraudsters will not be able to ‘spoof’ numbers so that bogus texts appear to be sent from a real bank.

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