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short-sighted-critiques-of-two-factor

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There are two things to keep in mind when discussing two-factor authentication:

First, it is possible to use any one-time password system to authenticate transactions!. All you have to do is ask for an additional one-time passcode before you process the transaction. This is incredibly simple and would stop a good number of MITM attacks.

Second, don't think that all one-time password systems operate in an enclosed hardware case and will never be capable of cryptographically secure mutual authentication.

Cryptographers seem to think that if a solution fails one time it isn't worth using even though it stops 9 other attacks. You don't need to wipe out online fraud. What you need to do is maintain minimize the risks to an acceptable level and maintain the public's faith in the banking industry. If people start putting their money under their mattresses again, we're in for a big recession.



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