"Over the last few decades, compromised usernames and passwords have typically been at the root of some of the most sensational, damaging, and costly data breaches."
"In anticipation of AI's role as a hacker's weapon of choice, Visa announced in December 2024 that it will require Australian financial institutions to move away from SMS OTPs."
Compromised usernames and passwords have led to many severe data breaches. Traditional advice on creating strong passwords and avoiding social engineering has been largely ineffective. Additional authentication methods, such as one-time passwords sent via SMS or email, are seen as inadequate and insecure. A recent directive from the UAE Central Bank asked financial institutions to remove weak authentication methods. The FIDO Alliance is developing a new type of passwordless credential in response to the growing need for enhanced security against evolving threats such as AI-driven fraud.
Read at ZDNET
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