The threat report from Japanese security company Trend Micro was blunt. Two-factor authentication was successfully compromised by criminals and the victims were customers of 34 different financial institutions in Japan, Switzerland, Austria and Sweden.
No U.S. institutions were known to have been compromised in this attack that Trend Micro dubbed Emmental because, the company said, digital banking protections are “full of holes.”
What was especially startling to security experts was that the attack made a mockery of two factor authentication – and at least some said the insecurity of SMS-based two factor is baked in and more compromises can be predicted. More on that momentarily.
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