Most of these transactions involve SMS based payments, direct mobile billing using PIN and one time password authentication and mobile web payments.
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Although frankly, the financial sites have to start embracing dual factor authentication for all of their users, password authentication does have its reasonable, well enumerated, limitations.
The web site administration for this system, a system that can be used to disable automobiles, is protected by simple password authentication that is open to brute force attack.
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To this aim, Upadhyay said he and Grosse have been working with the FIDO Allance, an industry group that was formed last summer to address the problems caused by the current system of password authentication.
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On top of these, there need to be hacker-proof layers of authentication and password protection so that only the right people get access.
The technology industry has been talking for years about the need to move beyond the basic password, and many have pointed to biometric authentication.
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The most obvious one to adopt appears to be the user authentication and OTP (one-time-password) that has been in existence for some time and has seen a fair degree of success in preventing fraud.
Prior to iOS 4.3 if a user entered their password to make a purchase their device would allow unlimited further sales without authentication for a 15-minute period.
This, combined with a number of high-profile password breaches at some websites has shown the need to move forward to the next level in authentication.
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Critics of Twitter say the service is vulnerable to unauthorized messages because the company hasn't widely implemented "two-factor authentication, " an extra layer of protection to ensure a person who enters a password to a digital service is the authorized user.
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Now, the authentication page log-in screen requires the user to enter both their email address and their password.
Two-factor authentication works by requiring that anyone who wants to gain access to something possess not just a password or login, but also some physical object.
The final layers of security include a pair of authentication certificates residing on the handsets, as well as requiring users to log-in with a password before they can use the SIP (Session Initiation Protocol) server.
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He also advised adopting two-step authentication, which involves a personalised "secret number" allocated to users in addition to a username and password, and ensuring that the latest version of Wordpress is installed.
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