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Submission + - Telcos declare SMS unsafe for bank transactions (itnews.com.au)

littlekorea writes: Australia's telcos have declared that SMS technology should not be used by banks to verify identities for online banking transactions, in a bid to wash their hands of culpability for phone porting hacks. But three of Australia's largest four banks insist they will continue to use SMS messages to carry authentication codes for transactions.
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Telcos declare SMS unsafe for bank transactions

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