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"... security is only as secure as its weakest point ..."

I wonder why the 4 digit password became so standardized if it is as insecure as people think it is.

I think the baseline thought behind putting it on the iPhone's lock screen is that nobody in their right mind would rely on it to secure top secret documents or the information from their bank account... or would they?

I actually secure my mobile banking access with a four digit pin. I make two or three transfers per day, and it would be a pain to have to enter a long and complicated password that often (especially while standing in line at a store).

To actually transfer money out of any of my accounts to an unknown account requires two-factor authentication (and transfer to unknown accounts can't be done from a phone).

I find the balance of convenience and security fairly good in this instance.

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