Most financial institutions used to allow customers to log in to their accounts with a simple username and password. But passwords are notoriously insecure - many users choose weak passwords that can be easily guessed or cracked. In an effort to help strengthen security, large numbers of banks began using a second factor after the username/password stage of authentication. The only problem is that the moment a user looks at a token's randomly generated number, it becomes just another password in the user's possession - that is, another password that can be extracted with malware.
Download this white paper to explore:
- The shortcomings of two-factor authentication, including its inability to defend against identity theft and transaction signing, as well as its negative impact on end-user experience;
- How a layered security approach can help identify the root cause of malware and phishing attacks to help financial institutions protect high-value transactions and sensitive data against the latest threats of today's sophisticated fraudsters.