Right now they use a single password for online and telephone banking. That's wh... | Hacker News

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UnoriginalGuy on June 8, 2014 | parent | context | favorite | on: Why Canada’s banks have weaker passwords than Twit...

Right now they use a single password for online and telephone banking. That's why it is numbers only, so people can enter it over the phone.

If they did what you suggest their users would need to setup one pin for telephone and a different password for online access.

So it is in fact for the user experience, but that only makes sense if you remember telephone banking is still a thing.

aroch on June 8, 2014 [–]

US banks require you call from the phone number on the account and have you enter your SSN after they match the # to their records. No separate pin needed.

gefh on June 8, 2014 | [–]

Which is way less secure. Caller id is spoofable, your ss# is known by hundreds of people.

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