Market Acceptance
As a result of challenges with integration and user acceptance, true two-factor authentication is not yet widespread, although it can be found in certain sectors requiring additional security (e.g. banking, military). Faced with regulatory two-factor authentication guidelines in 2005, numerous U.S. financial institutions instead deployed additional knowledge-based authentication methods, such as shared secrets or challenge questions, only to discover later that such methods do not satisfy the regulatory definition of "true multifactor authentication". Supplemental regulatory guidelines and stricter enforcement are now beginning to force the abandonment of knowledge-based methods in favor of "true multifactor authentication".
A 2007 study sponsored by BearingPoint reported 94% of the authentication solutions implemented by U.S. financial institutions fail to meet the regulatory definition of true multi-factor authentication.
An increasing count of recent undesired disclosure of governmentally protected data or private data is likely to contribute to new TF-A requirements, especially in the European Union.
Read more about this topic: Two-factor Authentication
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