Phishers rip into two-factor authentication

Phishers are seeking to circumvent two-factor authentication schemes using man-in-the-middle attacks. Last October, US federal regulators urged banks to adopt two-factor authentication as a means to combat the growing problem of online account fraud.

Two-factor authentication involves the use of a password-generating device along with conventional passwords. That means a thief must know more than just a password to gain access to a user's account. Although the technology helps guard against fraud, a recent attack against Citibank shows the technique is far from foolproof.

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