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They are ineffective.

>Of the 63 participants whose responses to prior tasks had been verified, we were able to corroborate 60 participants’ responses to the removal of their site-authentication images. 58 of the 60 participants (97%) entered their passwords, de-spite the removal of the site-authentication image

See https://security.stackexchange.com/a/19801 which summarises https://sites.google.com/site/ianfischercv/emperor.pdf




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