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A comment on Bypassing Google’s Two-Factor Authentication. Parent comment

Re:Bypassing Google’s Two-Factor Authentication by xyzzyz on Monday February 25, 2013 @02:28PM (#5281127)
If they know my master password, they also need to have a phone, that is correct. But if they know a single application specific password, they can read my mail just fine. How does the two-factor authentication protect me in this case?
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