6 May 2021
We’ve all been there. After hours of searching online, you find that perfect pair of shoes. You’ve made your decision and it’s time to head to checkout. Trouble is, you can’t remember your password. The site recognizes your email address, so you must have a password. You request a reminder, but it goes into spam and you can’t find it. You give up on the purchase.
If this sounds familiar, you’re not alone. Our latest consumer survey data shows that password frustration and abandoned transactions are global problems. In Spain and the US, over half of consumers have abandoned a purchase because of password frustration and Australia, the UK, Canada and Italy are not far behind.
Note that this graph only represents the people who completely abandon their purchase—there are likely countless others that get frustrated yet persevere.
The bottom line? Businesses are losing money because of passwords, owing to increased abandonment rates.
So, on World Password Day, let’s consider why passwords are no longer fit for purpose. Because this is just the tip of the iceberg…
To try and make passwords more secure, consumers are asked to make them more complex, by using numbers, uppercase letters, lowercase letters and special characters. This makes them hard to remember. And if people can’t remember them, they write them down or use the same password on multiple websites…which makes them less secure.
Passwords can be shared, guessed or stolen, which means they aren’t secure. Over 50% of young people admit that they share their log-in details with friends, and 59% of respondents admitted to reusing the same passwords across multiple sites.
Balancing security and usability is difficult: a memorable password is insecure, but a secure password is hard to remember. So, what’s the alternative?
Face biometrics enable organizations to balance security with an effortless user experience. iProov’s face biometric technology is extremely simple for the individual to use while offering the highest levels of security to protect governments, enterprises and individuals against fraud.
iProov provides two technologies to enable organizations to onboard and authenticate customers.
For more information on how iProov can provide your organization with secure online facial verification for remote authentication and onboarding, please email us at email@example.com or fill in our demo form here.
Alternatively, if you’d like more stats and information on the limitations of passwords, download our report The End of the Password here.