▲ ▼ Inexpensive, Accessible hardware security tokens
There is a rush to replace SMS based OTPs in several markets with more secure and reliable alternatives for multi-factor authentication due to the growing prevalence of SIM swapping attacks and reliability issues concerning SMS.
When compared to other authentication options, FIDO based hardware security key/tokens have proven to be reliable and private mechanism for secure multi-factor authentication. But hardware security token's prohibitive costs and accessibility friction have prevented widespread adoption.
Although app based TOTP is still a better alternative than SMS for two-factor authentication, it is still susceptible to phishing attacks and faces reliability concerns due to latency and not as accessible as SMS, Although HOTP fixes the latency issues with TOTP it still falls behind the accessibility of SMS.