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Two factor authentication outdated?

According to the article below from The Register (quoting Bruce Schneier), two-factor authentication seems already be outdated. I believe, we should take a careful approach here: Two-factor authentication is certainly better than just user-id and password. Especially online banking in the US has been using just user-id/password and now they are paying the prize for this lax security measure. Stepping up to use onetime passwords (such as RSA SecurID or Aladin tokens) is a first step against sniffing out passwords. However, there is no such thing as complete security. But two-factor authentication is a first step. As every Information Security Officer nows, user awareness is key to increase security. By giving user a device, this awareness increases dramatically.

Link to original article.

New threats need new response

Banks are spending millions on two-factor authentication for their customers but the approach no longer provides adequate protection against fraud or identity theft, according to Bruce Schneier, the encryption guru.

[The Register]
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