Passwords are redundant … well, this might not quite be true but it could be our reality soon.
There are many different factors that will lead to the ultimate decline of the password:
- We use the same password for all our accounts. This practice puts us at risk of exposing a large amount of our personally identifiable information from just one leaked password.
- We use different passwords but make them too easy so we can remember them. It’s definitely a good idea to use different passwords, but not such a good idea if our password variety extends only to “qwerty” or “12345.”
- We share our passwords. Hands up, everyone who has shared their Netflix password or knows someone else’s Netflix password.
Maybe you’re thinking “not me,” but unfortunately over 80% of the adult population uses just one password for all their online accounts. And almost a third of adults have shared a password with at least two other people.
Knowing these stats, it’s no surprise that over 60% of people have had to reset a password in the past 60 days. That fact in itself is a part of the problem. The everyday consumer is sick and tired of trying to update, reset, or remember their passwords.
So what can companies do to provide a great customer experience but still take steps to avoid exposing customer data?
The answer lies in providing your customers with extra layers of authentication. You’re probably already familiar with two-step (i.e. multi-factor) authentication, but there are new methods being introduced all the time. Risk-based authentication is a rule-based method based on known information. Biometric authentication uses fingerprints and facial recognition.
All of these methods help to provide a seamless experience as well as the security that customers need. For more info, check out the Infographic shared by LoginRadius an identity and access management platform.
Last Updated on February 3, 2021.