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.