Whether it’s a “required” control depends on how you interpret broad requirements to have concrete measures to minimize consumer risk. E.g. the EU requires payment service providers to “adopt security measures […] to mitigate the risk which would result from that multi-purpose device [i.e. phone] being compromised”. Regulators don’t generally get more specific than that, but tend to get annoyed if there’s widely used measures you could take but are choosing not to.
But this is beside the point, because again, mobile banking is strictly a convenience measure that banks are not required to provide at all. Yes, if they cut off all ways to do withdrawals or to move money to another bank this would allow them to avoid their obligations to you, but it doesn’t follow that they have to offer every method to every customer.
Whether it’s a “required” control depends on how you interpret broad requirements to have concrete measures to minimize consumer risk. E.g. the EU requires payment service providers to “adopt security measures […] to mitigate the risk which would result from that multi-purpose device [i.e. phone] being compromised”. Regulators don’t generally get more specific than that, but tend to get annoyed if there’s widely used measures you could take but are choosing not to.
But this is beside the point, because again, mobile banking is strictly a convenience measure that banks are not required to provide at all. Yes, if they cut off all ways to do withdrawals or to move money to another bank this would allow them to avoid their obligations to you, but it doesn’t follow that they have to offer every method to every customer.
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