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Wouldn't all these issues be solved by the customer reading a one time key over the phone?

Banks are nowhere near to being on this page yet. 99% haven't even committed to primary authentication method. It's a jumble of mobile apps, pin sentry devices, fobs, voice, logic engines, SS7 network squanning via back door agreements with smaller telco network providers, location. It's a real mess.

Can someone bookmark this post where I say the first billion dollar external bank fraud success will happen within the next 18 months please.

I had something close to that with Bank Sabadell. They had 40 four digit numbers on a card and you gave them one of the 40 which they chose. They've now moved to a fancier app based system,

Guess who would have access to the software that generates and distributes the one time keys.

Why? Have a page with a QR code seed in the internet banking. Scan it with a phone app, no interaction with customer service (unless you lose the phone).

If a bitcoin exchange can do it, I don't see why a bank couldn't (banking is easier - you can cancel transactions).

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