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I've read a story on some tech website about pornographers with join4free style sites using them to crack those codes in real time (eg. for phishing), by hotlinking (or copying) the image from whatever site they wanted to sign up for and putting it on theie email site join page. The surfer signing up for the porn uncodes the image text for them, which is then passed to the script that is signing up on the other site.
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