This would work perfectly if it weren’t for all the humans: Two factor 
authentication in late modern societies
https://firstmonday.org/ojs/index.php/fm/article/view/10095

Abstract

Late modern societies are now dependent on innumerable digitally networked 
technologies, yet there are intractable incongruencies between the technologies 
that we develop, and the corresponding technological literacies of users. This 
disjuncture has greatly increased the scope and scale of the risks to which 
globalized publics are exposed. With public cybersecurity literacies 
necessarily in decline as a result of the techno-social dynamism of “liquid 
modernity”, we now face an immense and exponentially growing matrix of 
cyberthreats and vulnerabilities, of which many carry potentially catastrophic 
consequences. Our interrogation of two-factor authentication systems, popularly 
implemented through short messaging services (SMSs), is demonstrative of 
vulnerabilities that continue to emerge as a result of widespread and 
entrenched disjunctures between the design of contemporary ICT systems, and the 
various flawed assumptions that undergird their implementation. We examined 400 
authentication messages that were automatically posted to a public forum by Web 
sites commonly used to receive SMS authentication tokens on behalf of users. We 
found that 76.5 percent of those messages included the name of the application 
for which the message was intended: in so doing, over three quarters of our 
sample risked compromising their accounts. Occasionally, we even observed 
usernames and passwords posted together. The socio-technical implications of 
our findings for ICT system design in today’s globalized late modern societies 
are discussed.

https://firstmonday.org/ojs/index.php/fm/article/view/10095/8050

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