Banks 'wasting millions' on two-factor authentication

Banks 'wasting millions' on two-factor authentication
John Leyden, The Register 2005-03-15

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.

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I'd hardly call even a temporary drop in fraud "wasting millions" 2005-03-15
Bruce K. Marshall (3 replies)

I'd hardly call even a temporary drop in fraud "wasting millions" 2005-03-15
bwatson_at_nettracers.com

SSL 2005-03-16
Rory Alsop

I'd hardly call even a temporary drop in fraud "wasting millions" 2005-03-16
Anonymous

Banks 'wasting millions' on two-factor authentication 2005-03-15
Anonymous

Banks 'wasting millions' on two-factor authentication 2005-03-15
Comic Book Guy

Banks 'wasting millions' on two-factor authentication 2005-03-15
Anonymous

Banks 'wasting millions' on two-factor authentication 2005-03-15
Lavid Detterman

Banks 'wasting millions' on two-factor authentication 2005-03-15
Anonymous

Don't we all have one of these guys at work? 2005-03-15
Anonymous

There is no solution though 2005-03-15
Anonymous

Banks 'wasting millions' on two-factor authentication 2005-03-15
Anonymous

Banks 'wasting millions' on two-factor authentication 2005-03-16
Anonymous

Banks 'wasting millions' on two-factor authentication 2005-03-16
Marcus Augustus

Well, mr. Schneier is ofcourse correct on the methods he quotes to defeat two-factor authentication. But money spend on two-factor authentication clearly isn't wasted, since for day-to-day use its clearly more secure then passwords.

Weak point about the article; mr. Schneier doesn't propose any (better?) alternatives ... or should we expect counterpane to draw some magic rabbit from its high hat sometime soon?

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Link to this comment: http://www.securityfocus.com/comments/articles/10694/30923#30923

Banks 'wasting millions' on two-factor authentication 2005-03-16
LiquidBrain

Banks 'wasting millions' on two-factor authentication 2005-03-16
Anonymos

Banks 'wasting millions' on two-factor authentication 2005-03-16
Anonymous

so called "expert" 2005-03-16
Anonymous (1 replies)

Re: so called "expert" 2005-11-18
twofish

Banks 'wasting millions' on two-factor authentication 2005-03-16
Anonymous

Banks 'wasting millions' on two-factor authentication 2005-03-16
Scott, posted by Fred

Banks 'wasting millions' on two-factor authentication 2005-03-16
Anonymous

It's too late.... 2005-03-16
en0k

Banks 'wasting millions' on two-factor authentication - Holy Grail 2005-03-16
Anymouse

Banks 'wasting millions' on two-factor authentication 2005-03-16
Anonymous

Banks 'wasting millions' on two-factor authentication 2005-03-17
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