Wave Systems Corp. (fka WAVXQ)

[Genz2]

Crypto.com Hack Hits 483 Users, Drains $34 Million in Funds

https://www.pcmag.com/news/cryptocom-hack-hits-483-users-drains-34-million-in-funds

Excerpts:

The cryptocurrency exchange is reimbursing affected users. It also plans on phasing out two-factor authentication for a stronger multi-factor authentication system.

The statement from Crypto.com suggests the hackers found a way to bypass the system, enabling them to log in and hijack user accounts, perhaps only with a password.

“Crypto.com revoked all customer 2FA tokens, and added additional security hardening measures, which required all customers to re-login and set up their 2FA token to ensure only authorized activity would occur,” the company said.

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http://www.wavesys.com/products/embassy%C2%AE-remote-administration-server-tpm-management

Excerpts:

Decrease expenses with virtual smart cards

You know what else happens when you take passwords out of the equation? A lot fewer calls to IT. Imagine if you took password resets out of the picture – that frees up a chunk of IT time, lowering your operating expenses significantly.

If your organization currently uses traditional tokens or smart cards, switching to virtual smart cards takes an even bigger burden off of IT – we use the hardware-protected credentials in the TPM to create a virtual smart card, which performs the same functionality as traditional smart cards. That means no need to purchase, deploy, replace or maintain external tokens, smart cards or smart card readers. Because virtual smart cards are already on your machines and can’t be forgotten, lost or stolen, you have lower capital expenses and lower operating expenses.
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How many 2FA tokens are still out there in the marketplace 'protecting' accounts? Use a tokenless MFA in Wave VSC 2.0, and you and your organization would not have to worry about token bypass like in the article above!!
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