I have installed it and been looking over it...and something occurred to me.
You start this process as an unlogged-in member. The system has no idea who you are. You click the link to use if you've lost your password. On the lost password form, you click the new link that's there as part of this hack that takes you to a new form where you put in your secret word and new email address.
Because you never had to tell the system who you are, the system must look for the secret word in the database, then modify the account (by changing the email address) that the secret word was found in.
But what if more than one person should happen to be using the same secret word? Suppose someone else has used the same secret word that I did; if I then go through the lost pw process and put in that secret word, couldn't the system find the other person's account first, reset that account with my new email address, and reset that account's password?
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