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Two-factor authentication for banking

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Clearly, you should not use SMS for banking authentiation.  We have been saying this for over eight years now.   The solution must use encryption that you control.

Any hardware-based solution like key fobs would be very expensive and difficult to scale.  Banks have a lot of users.

Obviously, any shared-secret based solution may be vulnerable an attack similar to the Chinese attack on RSA, which then required re-issuing all tokens - an expensive proposition if you have a lot of users even if you are using software tokens.  Private/Public keys that are generated on the users' devices are much better. 

Since network-based Man-in-the-middle attacks are so easy to do now and since certificates are impossible for even advanced users to verify, you should have some form of mutual authentication.

You need a solid API so you can manage enrolloment and create CSR management tools.

You need to be able to white-label the two-factor authentication client into your sofware and you need the server to be highly-scalable.

The WiKID Strong Authentication System meets all these requirements.

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