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Businesses only care about fraud losses they have to pay. SIMs only exist because cellphone companies wanted to cut off free riders. The efficiency gain from online transaction versus teller asissted far exceeds fraud losses. Passwords remain the default authenticator, which are often Password1, Linkedin2009, 123456. Password reset questions are added to minimize tech support costs or just check an audit box. SMS is the band-aid over guessable passwords. Not everyone has a smartphone. If businesses don't want to pay for password reset calls, they certainly aren't going to issue customer smartcards or open retail locations where they check two forms of ID.



> SIMs only exist because cellphone companies wanted to cut off free riders.

I thought SIMs were just an evolution of "calling card" tech, originally intended to be slotted into a payphone. A cell phone is just a miniature payphone which holds onto a single "calling card" long-term.




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