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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.

Comments Mode:
There is no solution though 2005-03-15
Anonymous
so called "expert" 2005-03-16
Anonymous (1 replies)
Re: so called "expert" 2005-11-18
twofish
It's too late.... 2005-03-16
en0k
He's right, this should have been done 10 years ago when it was relevent. What's the use of adding a deadbolt lock to your front door when there's nothing stoping me from coming in the back door? This won't make much of a difference to criminal hackers. The tactics that are used today would already circumvent 2-factor authentication. Instead of investing millions in an old technology, why don't we invest our resources into addressing the fudemental problems of the internet and our reliance on technologies that are over 20 years old. Instead of finding more clever ways of pumping the water out of our sinking ship of a global internet why don't we just fix the holes?

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