Good day,
I was thinking about this, doesn't 2 factor authorization actually in many ways make you less secure?
A simple line of reasoning is that access to your funds becomes dependent on access to your cell phone.
This also makes you dependent on your cell phone provider. This also creates a situation where if security is not proper, trusted or up to date on the cell phone (old software, tracking, hacking, etc.), then your means of payment could be compromised, your phone could get wet or break and you are left effectively fundless until you can sort out your cell phone problems, for example replace it at the store (which usually takes funds by the way...) You can't change the settings on your funds access because that requires 2 factor authorization too. This also obviously means if someone takes your phone away from you physically or from a distance , especially someone working with the cell phone provider, could effectively shut you off from your funds forever if they so choose, especially when you move in and out of exchanges and online wallets. (If a safe internet existed where you could basically never get hacked because no data is collected so you can't get identified and found, then 2 factor authorization's apparent benefit would also be redundant, I know we are not quite there yet) As I currently understand 2 factor authorization is actually fundamentally flawed in that sense and can be used a tool for eventual control over people by control of their access to their funds. In my opinion, this should be examined.
Could this possibly be redeveloped in a way where it wouldn't be dependent on the cell phone and other means could be used if the cell phone was unavailable? Thank you for any input on this.
I was thinking about this, doesn't 2 factor authorization actually in many ways make you less secure?
A simple line of reasoning is that access to your funds becomes dependent on access to your cell phone.
This also makes you dependent on your cell phone provider. This also creates a situation where if security is not proper, trusted or up to date on the cell phone (old software, tracking, hacking, etc.), then your means of payment could be compromised, your phone could get wet or break and you are left effectively fundless until you can sort out your cell phone problems, for example replace it at the store (which usually takes funds by the way...) You can't change the settings on your funds access because that requires 2 factor authorization too. This also obviously means if someone takes your phone away from you physically or from a distance , especially someone working with the cell phone provider, could effectively shut you off from your funds forever if they so choose, especially when you move in and out of exchanges and online wallets. (If a safe internet existed where you could basically never get hacked because no data is collected so you can't get identified and found, then 2 factor authorization's apparent benefit would also be redundant, I know we are not quite there yet) As I currently understand 2 factor authorization is actually fundamentally flawed in that sense and can be used a tool for eventual control over people by control of their access to their funds. In my opinion, this should be examined.
Could this possibly be redeveloped in a way where it wouldn't be dependent on the cell phone and other means could be used if the cell phone was unavailable? Thank you for any input on this.