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Passwords are a major drawback for any enterprise. However, many still rely on this conventional form of authentication to secure their systems. Even innovators like financial technology or “FinTech” firms remain dependent on passwords in the digital age.
It has been proven countless times that passwords are a source of security risks and frustrations in digital platforms. Passwords are not effective in verifying the claimed identity of someone trying to access an online account. They only confirm that the person knows the credential. They also add friction to the process, inconveniencing users.
Furthermore, passwords are also easily susceptible to various fraudulent tactics, allowing criminals to steal or guess them. In addition, they are also prone to be lost or forgotten by the real account owner.
Therefore, FinTech firms should leave behind traditional authentication processes and replace them with passwordless login. Ideally, they should adopt FIDO authentication that leverages a combination of robust login credentials like something you are (biometrics), something you own (cryptographic keys stored on a registered device), and knowledge factors like stored pattern swipe.
Adopting robust identity verification technologies allows FinTech firms to keep their network safe while catering to their client’s needs. Learn more with this infographic from authID that tackles the need for FinTech innovators to leave behind passwords.
Published by susan johnson
