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So, why do almost all banks, in the U.S. at least, only support the worst 2FA authentication method exclusively? And, this article doesn't mention SIM-swap attacks, which are unavoidable. It can't be (hear-me.social)
submitted 4 days ago by Jerry@hear-me.social to c/cybersecurity@fedia.io
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So, why do almost all banks, in the U.S. at least, only support the worst 2FA authentication method exclusively? And, this article doesn't mention SIM-swap attacks, which are unavoidable. It can't be that difficult to support an authenticator app.

https://gizmodo.com/feds-warn-sms-authentication-is-unsafe-after-worst-hack-in-our-nations-history-2000541129

#Cybersecurity

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[-] DahGangalang@infosec.pub 19 points 4 days ago

I bet its the cheapest and/or easiest to implement. Why do more than the bare minimum, amirite?

^I feel like mine is a bad faith opinion, but I also feel passionately about this and want to ensure your post is getting some level of engagement so it can maybe get some proper discussion going.

[-] subtext@lemmy.world 4 points 4 days ago

I would wonder if they have done the cost / benefit of having to have support staff to help boomers who can’t use a TOTP app vs the cost of covering losses from SIM-swapping attacks. It’s probably a significant amount of money to hire all the people needed to support every grandma who can’t figure out where the six numbers come from.

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this post was submitted on 20 Dec 2024
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