Above: Republic Bank Executive Director Derwin Howell. Photo courtesy Republic Bank.
On Monday, Republic Bank rolled out a new mobile app and online banking verification system for its customers that has gone off the rails for hundreds of them.
Some initial concerns were about the availability of the US version of Apple’s app store, but those were quickly resolved.
More serious are concerns about the security of the new system, which disallows special characters, while allowing the standard letters and numbers, with a requirement of at least one capital letter and number in a password limited to between eight to twelve characters long.
Since the previous version of the bank’s verification system allowed special characters, some viewed this as a backward step in its security measures.
A new log-in to the system requires either a special one-time password, a QR code or a code sent via SMS.
Users report that the SMS takes too…