This is not good news. Getting rid of passwords in favor of other authentication (tokens, scratch cards, etc.), the latest state of the art security, only nudges the bad guys to use other tricks. I guess I never thought two-factor authentication would eliminate fraud but I thought it would at least be awhile before work arounds would be devised. It hasn't even become mainstream yet.
This note from Credit Union tech-talk is not good news either: "Some security experts believe that the day when two-factor authentication is mandatory for online banking access is drawing near."
If two-factor isn't the real solution but everyone is headed down that road it is only a matter of time before we all have to change direction again. This will be bad from a time and resources perspective and from a credibility one. We need to figure this out before consumers lose confidence and adoption starts to fizzle.
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