Forward-looking organizations are turning to biometrics to prepare for a passwordless future
In today’s digital world, people can accomplish anything they need to online, from banking to shopping. Yet, the popular authentication for this online activity—passwords and PINs—is putting countless Americans at risk for online fraud. Gartner predicted that by 2020, 75% of omni-channel customer-facing organizations will endure a targeted, cross-channel fraud attack.
Companies need to not only protect their business against the cost of fraud and damaged reputation but also take responsibility for better safeguarding the personal information of their customers, employees and stakeholders.
According to a 2019 Harris poll, 66% of Americans reuse the same passwords for their online banking, email and social media networks. This reliance on passwords has shifted from a relic to a liability, both in terms of security and customer experience. Coupled with this increased risk is the demand for convenience. Consumers want access to their accounts, resources and information as quickly and easily as possible. Yet, everyone has experienced the dreaded moment of forgetting that they reset their password and locking themselves out of their account. In fact, the Harris poll shows 75% of Americans say they have trouble keeping track of all their passwords.
So passwords and identity questions are not only insecure and hackable but also frustrating for customers. Worse, many Americans prioritize convenience over security: Less than half (45%) change their password even after a data compromise or breach. To keep customers safe and satisfied, organizations need to mature beyond passwords, numerical PINs and personal history questions, all of which fraudsters can mine for data.
Forward-looking organizations are turning to biometrics to prepare for a pass ..
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