EGBANK Soft Token

I am not a security expert but still can spot the incompetence of this app security design at first sight. Enabling soft tokens to your account requires a one time request at the branch (good). Once that is enabled, your account is protected only by one factor (user name and password). The app doesn’t really add a second factor as an attacker who gains access to your user name/password can simply login to the account and register another soft token generator from his phone!!! Please be aware of the HUGE security risk you are taking by enabling this app on your bank account.