September 8 2022
Here’s a question for you: in the last 24 hours, what percentage of global consumers have had to request a password reminder online?
The answer is C).
Every day, almost a third of consumers go through the hassle of having to request a password reminder from at least one website.
Just think about what that means. At best: frustrated customers. At worst: abandoned transactions, lost revenues, customer support time spent handling enquiries, and so on.
Passwords are not fit for purpose. As well as being a friction point for users, they are not secure – three-quarters of the most popular passwords can be cracked instantly.
iProov’s face biometric authentication provides an alternative to passwords that is more secure and better for users. To find out exactly why organizations should move away from passwords, we surveyed 16,000 people across eight countries (the U.S., Canada, Mexico, Germany, Italy, Spain, the UK, and Australia).
We asked: When did you most recently have to request a password reminder online?
Imagine walking up to a physical store and finding that the door is locked. How long would you knock on the door and try to get someone’s attention to let you in? Or would you immediately give up and go somewhere else? Organizations must make it easy for users to access their services online. Passwords cause a lot of friction and that friction will result in lost transactions.
Passwords are a clunky authentication choice and the risks outweigh the benefits – they are a legacy technology. Biometric authentication on the other hand is more secure and convenient for users (more on why and how further down).
Again: imagine you run a physical store where, every month, 32% of your willing customers get to the payment point but abandon their shopping. That’s a significant amount of lost business.
Money is spent on marketing your services and optimizing your website – only for customers to leave once they’re ready to pay, all because of the clunky and outdated authentication process.
It doesn’t have to be this way. Your customers deserve to log in quickly and complete their purchases without unnecessary roadblocks. With iProov, all you need is a device with a user-facing camera for effortless authentication.
People want to do their mobile banking online because it’s convenient – but there’s nothing convenient about needing to reset your password for a secure service.
Face biometric authentication from iProov is effortless, secure and reassuring, which means that banks and other financial institutions can use it to provide access to the most secure services. It can also be used as part of a multi-factor authentication strategy.
Face verification is already the preferred choice for authentication when consumers want the reassurance of security. It is no longer seen as an advanced or high tech option. Organizations should offer face biometric authentication to build trust with customers.
iProov’s face biometric authentication provides an alternative to passwords:
Both technologies can replace passwords or be part of a multi-factor authentication strategy or a ‘step-up’ authentication tool to augment passwords for high risk activities or transactions.
Organizations and end-users prefer iProov face biometrics to passwords because it:
Read more on the advantages of face biometrics in-depth here.
If you’d like to learn more about how iProov can be used to replace passwords or enhance authentication security at your organization – book your iProov demo or contact us.