The death of the password is upon us
Technology has afforded consumers terrific conveniences, and with that, consumer patience has gradually dwindled. We now expect frictionless, real-time access to information, applications and networks. In light of the emphasis on convenience and the consumer experience, the traditional password is losing its foothold as the standard in authentication.
Consumers no longer have the patience to fill out lengthy registration forms, or the free brain space to remember dozens upon dozens of usernames and passwords. In fact, a recent survey by Gigya found that 52 per cent of consumers would choose anything but a traditional username and password account registration when given the option.
Traditional passwords also invite trouble, as evidenced by the many reported instances of ID theft, which was found to have accounted for almost half of all fraud in the first quarter of 2015. Security risk is now a top factor driving consumers’ identity authentication preferences, with 26 per cent of our respondents also having had an online account compromised in the past 12 months.
