I have one of these secure key things, that I have to use to log into my bank account. It is extremely annoying, and makes mobile banking awkward. So I want to know if it's worth it.
The key, once I've put in a PIN, generates a number, which the bank website (somehow, magically) knows already and accepts.
It is wallet sized and designed to go in your wallet, along side your card and the slip of plastic paper I was given that has my user name for online banking is also designed to go in wallet.
If I lose my wallet/it gets stolen and if the user knows my PIN (he'd still need to know the PIN if I didn't have a secure key card) surely he can then access the money in the account through an ATM and online?
Whereas without the secure key card system, I have to remember a number and then enter certain digits of it to log in. As this is in my brain no one can steal it physically.
What makes this new token-based system more secure?