Hi!
Since this post was related to FastMail's authentication policy, we referred this question to the FastMail team and below is their reply:
------------------------ We believe that the Yubikey provides a secure mechanism for logging into your account. Depending on your level of required security, you can use either 1 factor (just the yubikey) or 2 factor (yubikey + alternate password) to login to your account. This can be used anywhere you believe there is a chance that your login information may be compromised, or if you think your Yubikey might be stolen or lost.
However we still regard a users username + password as the canonical authentication of the account. Only it can be used to setup new alternate login methods, and obviously you have to use such a login to register the Yubikey with your account in the first place. It should only be used when you know you are on a trusted machine, using a Secure Login that uses https to send and receive data via an encrypted channel. ------------------------
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