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Email this10:51 am
July 5, 2019
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https://www.cisa.gov/sites/default/files/2024-12/guidance-mobile-communications-best-practices.pdf
Migrate away from Short Message Service (SMS)-based MFA. Do not use SMS as a second factor for authentication. SMS messages are not encrypted—a threat actor with access to a telecommunication provider’s network who intercepts these messages can read them. SMS MFA is not phishing-resistant and is therefore not strong authentication for accounts of highly targeted individuals.
I don't know if Canadian telecom has been infiltrated, but this is a scary warning. It took a long time for banks to move to SMS MFA, so it would probably take a long time for them to implement FIDO2 or whatever is necessary.
8:31 pm
September 29, 2017
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This is only one reason why I do not use MFA, nor perform any banking on a cellphone. Far more security risks than on a computer. There are far less ways to mitigate risks on a phone than a computer. In some ways, it is like driving with eyes closed (try it and see (pardon the pun) what it feels like). These things are simply not acknowledged enough.
Also, MFA has become a convenient way to tie down your identity and track you online, initially just for marketing purposes, but for far more than that too. Ripe with abuse potential, with actual exploits.
9:21 pm
November 18, 2017
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smayer97: Ditto. I'm on a hardened Linux desktop. And it only deals with my online stuff; other computers handle all my other stuff. My financials are on an air-gapped machine.
Folks, listen to the paranoid. If there's one thing we've learned since the web was privatized by Al Gore, it's that we are never paranoid enough. We only find out what to avoid years after it's been done to us for a good while.
(Your car is now telling insurance companies how you drive. Not a joke.)
RetirEd
5:12 am
February 6, 2019
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smayer97 said
This is only one reason why I do not use MFA
How are you achieving nowadays not to use MFA when (pretty much) all FIs force you to do it?
There are a couple FIs which allow you to use email for MFA (and I always choose that, as opposed to SMS, when allowed to)
Remember ING's security (when initially you chose a few images that they would then show you every time when you logged in)? That was brilliant! The best I have ever seen. It was 25 years ago...
10:46 am
April 27, 2017
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smayer97 said
Also, MFA has become a convenient way to tie down your identity and track you online, initially just for marketing purposes, but for far more than that too. Ripe with abuse potential, with actual exploits.
That’s a particularly good point (among many). Never ever let your bank know your identity.
3:02 am
September 29, 2017
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rk said
smayer97 said
This is only one reason why I do not use MFAHow are you achieving nowadays not to use MFA when (pretty much) all FIs force you to do it?
There are a couple FIs which allow you to use email for MFA (and I always choose that, as opposed to SMS, when allowed to)
Remember ING's security (when initially you chose a few images that they would then show you every time when you logged in)? That was brilliant! The best I have ever seen. It was 25 years ago...
My comment was MFA on a phone. Hard to get away from MFA. Though still not ideal, I opt for email, or landline, where still possible.
5:28 am
February 6, 2019
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smayer97 said
My comment was MFA on a phone. Hard to get away from MFA. Though still not ideal, I opt for email, or landline, where still possible.
Thanks for clarifying. I try not to use my phone for banking at all. The only exception is to deposit cheques (once or twice per year, when I get an unsolicited cheque)
6:39 am
April 27, 2017
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Email has to be the least secure form of Two-Factor Authentication.
Email accounts get compromised. Emails are usually sent as unencrypted text and can be intercepted.
There are far superior methods, eg a one-time code can be generated using apps such as the Microsoft or Google Authenticator apps, where a new code is generated every 30 seconds.
1:31 pm
September 29, 2017
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rk said
Thanks for clarifying. I try not to use my phone for banking at all. The only exception is to deposit cheques (once or twice per year, when I get an unsolicited cheque)
I'd rather deposit via ATM. I do not install bank apps, so there is no connection with my phone.
1:56 pm
September 29, 2017
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mordko said
Email has to be the least secure form of Two-Factor Authentication.Email accounts get compromised. Emails are usually sent as unencrypted text and can be intercepted.
There are far superior methods, eg a one-time code can be generated using apps such as the Microsoft or Google Authenticator apps, where a new code is generated every 30 seconds.
unencrypted email interception in general yes, but associating that email to anything is a tricky thing, which would require a high level of sophistication. That kind of effort is too great to target an individual. Interception of MFA tied to phone is easier. So, less worried about that. BUT, it is all relative.
You are right that there are better ways. It just takes more effort (time, learning curve, etc) to incorporate these, and they are not ubiquitous, so can get complicated to even make them work in all, or at least enough, circumstances. But need the time to figure it out.
6:41 am
March 17, 2018
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Even if you opt for 2FA by authenticator app or email, you still might get SMS verifications for your bank credit card when using it while travelling, which could be an issue if you didn't pay for roaming on your mobile account. There are workarounds like leaving your main mobile phone plugged in and on at home while you are away, and paying for a SMS forwarding to email app, but not very convenient. Best strategy in my opinion is to carry multiple credit cards for purchases and prepaid cards like EQ and WS for ATM purchases when you travel.
9:02 am
September 29, 2017
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How can you get SMS verifications while travelling if you never register a cell phone with the bank?
1:22 pm
March 17, 2018
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smayer97 said
How can you get SMS verifications while travelling if you never register a cell phone with the bank?
Then your bank credit card won't work if you didnt register a mobile phone and if they want to get a 2FA on the transaction .Carry a few just in case.
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