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Re:NIST declares the age of SMS-based 2-factor authenticatio... by jjnoakes on Tuesday July 26, 2016 @09:08AM (#12165306)
If you lock your password database with a long, secure password that you know, then you are still doing it "right".

If your password database is not encrypted with a strong passphrase, then you are right, they both become "what you have".

Re:NIST declares the age of SMS-based 2-factor authenticatio... by scrollaway on Tuesday July 26, 2016 @09:21AM (#12165381)
Ah, that's true.