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The Limit Login Attempts Security WordPress plugin before 3.4.1 does not enforce its two-factor authentication on every password-authentication route, so an attacker who already knows a protected user's password can authenticate through an alternative login interface and obtain that user's access without completing the second factor.
The Limit Login Attempts Security WordPress plugin before 3.4.1 does not confirm that its two-factor authentication step succeeded before completing a login and treats a failure to build that step as success, so an attacker who holds a protected user's password can bypass the second factor by sending a request header that breaks the step.