, 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)
Bruce K. Marshall (3 replies)
I'd hardly call even a temporary drop in fraud "wasting millions"
2005-03-15
bwatson_at_nettracers.com
bwatson_at_nettracers.com
Mr. Schneier has also personally designed a password storage product called Password Safe. Having done so, it would seem illogical to then denegrate the value of passwords in favor of something like two factor authentication, which Password Safe would be unable to accomodate.
IMHO, Mr. Schneier's article, by not suggesting an alternative approach, is clearly designed to illicit the question, "What other options are there?" I'm sure he's hoping Counterpane will be called to provide the answer, for a "modest" consulting fee.
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