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A comment on Ask HN: Why are SIM cards still a thing?. Parent comment

Re:Ask HN: Why are SIM cards still a thing? by brainfire on Sunday October 30, 2016 @12:00PM (#12830479)
The bad idea is being sent a (potentially interceptable) SMS with a code.

The Estonian method is described as using a private key present on the SIM card, just like a normal smart card used for authenticating/signing.

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Re:Ask HN: Why are SIM cards still a thing? by candiodari on Wednesday November 02, 2016 @06:13AM (#12853373)
That's how every bank I know in Australia, at least 2 US banks and 4 European banks do it. Transfer (sometimes login too) ? Code over SMS.

Besides, pretty much all banks simply use 2 or 3 factor authentication as an anticompetitive tactic (half the businesses in most countries pay the banks 2-300$ per month just for scheduled download of transactions)

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