Once pitched as an additional layer of security for E-banking transactions, two-factor authentication is slowly becoming an easy to bypass authentication process, to which cybercriminals have successfully adapted throughout the last couple of years. Account takeover fraud (ATO) attacks are on the rise, up nearly 300 percent since last year. Read the full story [zdnet.com]. Also see this MIT Technology Review report on how cyber criminals managed to steal $447K despite the fact that.
Source: https://threatpost.com/modern-banker-malware-undermines-two-factor-authentication-092309/72274/