Password fatigue means that many users frequently reuse and recycle their passwords, usually making minor changes to already weak credentials.
Replace myths with facts
Traditional multi-factor authentication relies on something you have, like a mobile device, and something you know, like a password. Passwordless authentication combines the element of “something you know” with something that represents you, such as facial recognition or your biometrics.
Eliminating the need for a password ensures a seamless login experience and significantly reduces risk for users, as well as the trading platforms and applications they access.
This makes it nearly impossible for attackers to steal or spoof a connection, requiring them to guess the correct PIN and also gain access to biometric data.
A second benefit of passwordless authentication is that it reduces the burden on IT teams to resolve password incidents.
With US-based companies spending more than $1 million in password-related support costs, implementing passwordless authentication can result in significant time and budget savings for more complex projects.
A password is not a PIN code
Another common myth about passwordless authentication is that a PIN can be a password’s biggest security flaw. This is not true. A PIN that is linked to a password, but it doesn’t work in this mode.
Password information is usually sent over the Internet and is often stored on a company server, making the user credentials available to outside attackers.
This makes PIN login much more secure than passwords and, combined with biometrics, users can be confident that their device is highly unlikely to be compromised.
Are passwords more secure than biometrics?
A third common myth is the idea that passwords are inherently more secure than biometrics. This myth emerged in the early days of biometrics, when the technology was in its infancy and headlines reported devices being fooled by fake faces or fingerprints.
This protects biometric data from remote access and attacks and means that attackers must own a device and force the owner to unlock it to access the data.
It can help businesses of all sizes create a strong and unique user identity and trust, significantly transforming customer login experiences.
But the adoption of passwordless authentication doesn’t happen overnight, and while the promise of a better user experience, reduced IT time and costs, and increased security seems like the perfect trifecta, organizations need to think carefully about how to implement this authentication.
Gaining a clear insight into an organization’s application landscape is an important starting point for thinking about which applications need to be protected. This will assist the IT team and ensure that the requirements for a complete Zero Trust strategy are defined.
From here, IT teams should consider a phased approach with pilot implementations of passwordless authentication that can help resolve early issues and manage user concerns.
Passwordless mode not only provides a new, easier way to log in, but also offers the ability to transform an organization’s security credentials and path to zero trust. Disconnecting the password is the first step towards the authentication of the future.