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Rich, young device buyers say they want 3FA, but are they just flirting?

Categories Access Control  |  Biometrics News  |  Trade Notes
Rich, young device buyers say they want 3FA, but are they just flirting?

New sponsored research indicates that wealthy, younger consumers are more interested than their peers in two- and three-factor authentication. That is potentially good news for biometrics, the security industry and law enforcement, and bad news for criminals.

Investment flows fastest to markets dominated by youth and wealth. And there are no stronger practical alternatives today for cybersecurity than three-factor authentication (3FA), which includes biometric systems.

These consumers are motivated to move up to greater security, too. A report from publisher Pymnts indicates that 75 percent of survey respondents use a login and password to interact with their bank online or wirelessly. Only 42 percent are happy to do so.

Pymnts found a demographic that is the most interested in greater security, those owning six or more connected devices. Dubbed by the publication the super-connected, they typically are younger and wealthier than their peers.

The security report was commissioned by the online authentication vendor Nok Nok Labs. It found that U.S. Bridge Millennials and consumers reporting annual income of more than $100,000 are very or extremely interested in two- and three-factor authentication security.

Bridge Millennials are 32 to 41 years old, between Millennials and Generation X in age. Citing Bureau of Labor Statistics, Pymnts says Bridge Millennials annually spend about $66,000 — $10,435 more than Millennials themselves.

What is more, 45 percent of the daily activities of Bridge Millennials, according to the publisher, involve making purchases. About one in five use voice-activated devices to buy goods and services.

Bridge and core Millennials are significantly more willing than their peers to at least consider two- and three-factor options when making purchases. Thirty-six percent of Bridge and 31 percent of core Millennials are interested.

Just 24 percent of all respondents to Pymnts’ survey felt the same way, and only 17 percent of Baby Boomers and their elders give any thought to deeper security.

And while the wealthy want to know more about it, only one in five respondents making less than $50,000 are excited about it.

It is notable that no demographic group, including Generation Z, was more than passingly interested in two-factor. Fewer than one in five in each group reported being very or extremely interested in that alone.

Interest should lead to adoption, eventually, but that is not a significant trend yet.

Pymnts found that fewer than one in four of respondents use fingerprint biometrics, voice or facial recognition to secure their critical data.

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