Consumers want traditional passwords to be replaced with biometrics, Visa says

Wednesday 8 January 2020 08:59 CET | News

Password management frustration is encouraging the adoption of biometrics such as fingerprints and facial recognition authentication especially in banking.

The high number of passwords users must memorise is making it harder to come up with strong unique passwords. Almost 70% of US shoppers did not go through with an online purchase because they either forgot the password, couldn’t log in or couldn’t receive a one-time passcode, according to research conducted by Visa.

According to the survey, top advantages provided by biometric technology include not having to remember passwords (42%), enhanced security (34%), and reduced chance to forget or lose an authentication method (33%).

Another report from Verizon found that as many as 80% of data breaches are caused by compromised and weak passwords.

Users now expect faster, more convenient and secure services which biometric technology can deliver. Over half of credit card holders in the survey would choose a bank that offers biometric authentication and two thirds have used biometrics and would replace traditional passwords with biometric technology.
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Keywords: study, biometrics, Visa. fingerprint, banking, passwords, OTP, shopping, security
Categories: Fraud & Financial Crime
Countries: World
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Fraud & Financial Crime

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