[vasco]

It literally does. Now whoever _has_ that piece of paper can get to your account. A physical piece of paper with a password written on it is no different from a physical key. Unless you're going to say that if you memorise the indentations on your house key then your key is "something you know" too.

[charcircuit]

If the attacker screenshots the note they can login to your account without HAVING that note. Yes, a house key is something you know.