Why SMS Two-Factor Authentication Passcodes Are Actually Really Dangerous

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2fa, two factor authentication, sms one time passcodes, payfone, identity authentication, multi factor authentication

If you’ve ever had to reset your bank password or log into your account from a different device, you know how annoying one-time passcodes (also known as SMS OTPs) can be. Requesting the passcode from your bank, waiting for the message to come through, and then going back to your computer to type the passcode in, is a vexation that we could all do without.
 
But all of the inconvenience is worth it if it keeps fraudsters from hacking into our bank accounts, right?
 
Not quite.
 
On the contrary, the very security mechanism that is supposed to be keeping your account safe could be putting your financial future in danger.
 

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