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3.2 What is cognition? 85

How else might banks solve the problem of providing a secure system while making the
memory load relatively easy for people wanting to use phone banking? How does phone
banking compare with online banking?

Comment An alternative approach is to provide the customers with a PIN number (it could be the
same as that of their ATM card) and ask them to key this in on their phone keypad, followed
by asking one or two questions like their zip or post code, as a backup. Online banking has
similar security risks to phone banking and hence this requires a number of security mea-
sures to be enforced. These include that the user sets up a nickname and a password. For ex-
ample, some banks require typing in three randomly selected letters from a password each
time the user logs on. This is harder to do online than when asked over the phone, mainly