The level of 'user' security is defined by your bank, rather than the faster payments protocol.
Monzo for instance just requires that you are signed into the app and can face-ID on iOS.
it used to by the bank, now the minimum security is defined by the Payment Services Directive
which is quite specific
Re:FedNow FAQ
by kevin_thibedeau on Thursday August 18, 2022 @05:55PM
(#32515350)
Forcing people to use a smartphone is still a fail.
Re:FedNow FAQ
by digianarchist on Thursday August 18, 2022 @12:59PM
(#32512197)
Any transfers that fall into the allowance of a tap payment shouldn't have to go through the same amount of security.
I miss the Faster Payments network immensely. The systems in Canada and the United States are a mess in comparison.
Want to pay someone new? Better have your smartphone with the app, and your bank card and your card reader. Be ready to provide your fingerprint and your card PIN number. And they'll send you a text message telling you a new payment recipient has been added. That's a fine level of security if you're paying thousands of pounds - but if you're paying £5 for lunch the process is just as strict.
And despite all that security, it's still limited to payments <£10,000 for some reason.