Why Are Banks Still Sticking with SMS for 2FA? The Hidden Costs and Challenges of Modern Authentication

In today’s digital landscape, two-factor authentication (2FA) is a crucial security measure. Yet, many banks and financial institutions still rely on SMS and email for this purpose, despite their known vulnerabilities. Here’s why some of these institutions haven’t fully embraced more secure options like TOTP (Time-based One-Time Password) or FIDO2 hardware keys. 1. The Friction…

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