The latest warning from the head of the GCHQ about password security should come as no surprise. PINs and passwords are an archaic tool, no longer fit for purpose. Passwords are being sold on the dark web, exploited for fraudulent activity and have even cost unfortunate individuals vast sums of money in terms of forgotten passwords to safeguard cryptocurrencies.
Indeed, new research from Nuance has found that one in ten UK consumers admit to choosing the same password for nearly every account, irrespective of its ‘strength’ or likely uniqueness. Given the same poll has found almost a fifth have fallen victim to fraud in the last 12 months, it is high time PINs and passwords are confined to the history books, so that technology – such as biometrics – can be more widely deployed in order to robustly safeguard customers.
With ransomware on the rise, it has never been more important for business leaders to ensure that users are provided with a more sophisticated and secure experience. Biometrics authenticates individuals immediately based on their unique characteristics – taking away the need to remember PINs, passwords and other knowledge-based credentials prone to being exploited by fraudsters and providing peace of mind, as well as security, for end-users.