Earlier quoted context omitted.
I agree, but I think three extra conditions would need to be added here. 1. Devices should be allowed to display a different logo at boot time depending on whether the software is manufacturer-approved or not. That way, if somebody sells you an used device with a flashed firmware that steals all your financial data, you have a way to know. 2. Going from approved to unapproved firmware should result in a full device w…
4. Apps with special security needs are allowed to detect whether a device is unlocked and can either disable themselves or go into a mode that shifts ALL related liability onto the user. It's not the bank's fault if the user disabled protections and some spyware logs the online banking password or something like that.
The bank’s bad processes are not an end device fault.