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Why move to L2TPv3?
Cons of L2TPv2 as compared to L2TPv3:

Weaker Tunnel Authentication mechanism which validates only the header portion of the control messages and covering only SCCRQ, SCCRP and SCCCN message types

No built-in data channel security. Must be bundled with IPSec to achieve security

16-bits session Ids as compared to L2TPv3 32-bits session Ids

PPT Version