The Sad State of Two-Factor Authentication in U.S. Banking (2020)

The article discusses the inadequacies of two-factor authentication (2FA) in U.S. banking, highlighting that many financial institutions rely solely on SMS-based authentication, which is considered insecure due to vulnerabilities like SIM hijacking. While two-factor authentication is essential for enhancing account security, the majority of large banks do not offer robust options beyond SMS. The author emphasizes the importance of using multiple authentication factors, which can include something you know (passwords), something you have (hardware or software tokens), and something you are (biometric data).

Alternatives to SMS include hardware tokens, software tokens, and biometric authentication, which provide more secure methods of verifying identity. The article notes that while some banks offer better security options, many do not, particularly for consumer accounts, which may be due to outdated systems or perceived lack of demand. The author encourages consumers to advocate for better security measures from their banks and to utilize 2FA wherever possible on other platforms, such as Google and Facebook, which offer more secure authentication methods. The piece concludes by urging readers to take proactive steps to protect their digital identities, including using password managers and enabling two-factor authentication on all accounts.