When the Internet was a new thing, people usually have few passwords to remember: One was email, one was a bank password, and perhaps there was a password. But with the rapid development of e-commerce, self-service websites and social media, everyone now has to remember and manage dozens of of passwords. Human memory is a constraint, and the password reset process is a source of frustration for all consumers and businesses.
In addition, a large number of user names and passwords were compromised due to widely publicized irregularities in the industry. Currently, neither consumers nor businesses see passwords as the ultimate guarantee of keeping information and accounts private and secure.
The death of the password may sound bit traumatize, but it does mean we will start looking for other, safer and more convenient means of authentication. E-commerce and banking websites have used behind-the-scenes tiered fraud and security services to ensure customer identity.
Passwords don’t happen overnight, but as other authentication methods emerge, after testing, entering the market, and becoming popular, we will all start transitioning from passwords. Check out the Infographic created by LoginRadius, a cloud-based CIAM solution provider.