Fast and simple validation gives customers quick and seamless access to their accounts, websites, apps or call centers. Meet FIDOįIDO2 (Fast ID Online) authentication, the second generation of open standard protocols from the FIDO Alliance, enables us to more easily and securely replace password logins with biometric authentication (FaceID and fingerprint scans). Passwordless authentication minimizes the risks, friction and costs-improving the identity experience while fortifying security. We now have the technology to eliminate passwords completely. There’s no need to sacrifice the customer’s identity experience on the altar of broken security. It shows how much a simple password-related issue can impact your business. Other consumer surveys reveal more than half would rather leave a website than reset their logins. Mastercard data shows 33% of online sales are abandoned at checkout when consumers forget their passwords. So in exchange for flawed security, companies are paying a high price on two fronts: costly breaches and customer loss. It’s easy to make the case that passwords carry more risk than benefit. This makes it harder for cybercriminals, but they still succeed with techniques like SMS intercepts, network session hijacking, and password reset tricks. These added layers form a reactionary patchwork of security on top of your passwords. We’ve also added multi-factor authentication (MFA) like OTPs delivered via text. Our stern defense? Passphrases with upper and lower case letters, symbols and numbers. It’s no surprise that 80% of breaches are linked to passwords. It only takes 10 minutes to crack a lowercase 6-character password, according to Avast. Brute force attacks, phishing, keyloggers and password spraying are just a few of their tricks. Hackers have thoroughly proven passwords are an easy target. This gives criminals a distinct advantage. But according to our survey, we’re so bad at remembering them that most of us reuse the same password up to 14 times. They’re a flawed human construct, intended to be memorable. That raises my next point: passwords can hardly be described as a technology. It’s stunning in light of how far we’ve come with other technologies. Most companies still rely on passwords, which were first created 70 years ago when a massive computer - with a tiny fraction of today’s processing power - filled a room. Outdated authentication methods are at the heart of the problem. The poorer the user’s experience, the worse it is for business,” explains Mickey Boodaei, Transmit Security CEO and Co-founder How Did We Get Here? The desire for higher levels of security is increasingly hurting the user experience. “There is a huge gap between how companies perceive user experience on their websites and apps and what the users actually experience. I’ll share stats on customer loss, but let’s gain perspective first. Each step may seem like a minor nuisance, but the combined effect is killing off customers, death by a thousand paper cuts. Need proof? Passwords, one-time passcodes (OTPs), CAPTCHA, security questions, lockouts and resets. TechTarget defines identity management as “an important part of the enterprise security plan… linked to both the security and productivity of the organization.” What About the Customer Experience?Ĭustomers are funneled through your identity management process, but their desire for simplicity and ease seems blatantly ignored. It’s a security check, like asking to see your ID at the airport. It provides authentication, typically with a user ID and password, to verify the user’s identity. It is sometimes called Identity and Access Management (or IAM). Identity management is the process by which customers (or employees) access their personal accounts, web or mobile apps, customer support and other resources.
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