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.

Expand all | Post comment

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

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

Actually, i think that what was written is true. Instead of involving new autencification methods, they should educate their users. Because, users use same password for all services they use. So you can put two-factor autentification, but users will still use same and probably known password, so the attacker need just to know changing code, and actually that is not hard.

And actualy, you can secure your windows too, but it will be expensive, and you won't have enough money for doors too. :)

[ reply ]

Link to this comment: http://www.securityfocus.com/comments/articles/10694/30924#30924

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
lovebug.org