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I'm happy about this. The only problem is, if someone has your email they could easily log onto your account, right?
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You need to verify any device that wishes to log in to an email by logging into that email and clicking a link automatically sent to you. As long as your email is safe (and you don't accept a device you do not own), your account will be safe, too.
This update is great, though. Only time will tell if the number of scams account thefts decrease, or if we will need to take the last step of implementing passwords to match every account email in addition to email verification...