Before you decide that two-factor authentication is for you, read this, about the $400,000,000.00 heist from FTX that was so simple using the total vulnerability of two-factor authentication, that a young girl could do it with a fake ID at the mobile carrier store, using only an image that her accomplice created with Photoshop or similar software, and texted to her:
Highland Park Man Led Hacker Crew's $400 Million Heist From FTX: Feds. Then, if you still don't understand how easy it is to steal 400 million dollars without a gun or a ski mask, read this, subject to an understanding not explained below--and beyond the scope of this post--that given certain unusual factors that come into play only with Scubaboard coupled with certain users' personal histories of repetitive password usage, it may be beneficial for them to use two-factor authentication only on this site:
Vulnerabilities of Two-Factor Authentication Where a Phone Number is One of the Factors:
Two-factor authentication (2FA) is designed to enhance security by requiring two forms of identification before granting access to an account. However, when using a SIM card or phone number as one of the two factors, there are significant vulnerabilities that can compromise this security measure and as such, privacy and intelligence experts strongly recommend against using it for the following reasons.
1. SIM Swapping Attacks
One of the most critical risks associated with using a phone number for 2FA is the potential for SIM swapping attacks. In this scenario, an attacker contacts the victim's mobile carrier, impersonates the victim, and convinces the carrier to transfer the victim's phone number to a new SIM card controlled by the attacker. Once this transfer is successful, the attacker can receive all SMS messages sent to that number, including verification codes or password reset links. This method allows even unsophisticated hackers to gain access to accounts that rely on SMS-based verification, effectively bypassing any password protections in place.
2. Social Engineering Risks
Attackers often employ social engineering tactics to exploit weaknesses in mobile carrier security protocols. For instance, they may trick customer service representatives into divulging sensitive information or transferring a phone number without proper verification. This vulnerability highlights how easily attackers can manipulate systems designed for user protection.
3. Lack of Encryption
SMS messages are generally unencrypted and can be intercepted relatively easily compared to other communication methods. Although intercepting SMS requires some technical skill and resources, it remains a viable threat vector for attackers who wish to obtain sensitive information like authentication codes.
4. Account Takeover Risks
The use of phone numbers linked directly to accounts creates additional risks if those numbers are reused across multiple platforms or services. If an attacker gains access to one account through SIM swapping or phishing techniques, they may be able to leverage that access to take over other accounts linked to the same phone number.
5. False Sense of Security
Many users believe that enabling 2FA through SMS provides robust security; however, this belief can lead them to neglect other important security practices such as maintaining strong passwords, unique passwords between various websites, and being vigilant about phishing attempts. This false sense of security may ultimately make users more vulnerable rather than less so.
In summary, while two-factor authentication via SIM cards and phone numbers adds a purported extra layer of security that makes its user "feel good," it is fraught with vulnerabilities that can be exploited by attackers through various simple means such as SIM swapping and social engineering tactics.