FB pixel

Passwords are a pain for everyone — Boomers to Gen Z. Biometrics slow to replace them

Passwords are a pain for everyone — Boomers to Gen Z. Biometrics slow to replace them

Often, research comes along that illuminates a startling insight. This is not one of those times.

A pair of research reports, from two digital security firms, say that a lot of people who forget their passwords when trying to complete an online transaction find something else to do. Like pet the dog or build Victorian doll houses from toothpicks.

The market trend is toward multi-factor authentication including biometric identifiers. The trend is moving too slow for some, however.

Beyond Identity finds that password use is costing companies money.

Its researchers surveyed shoppers and found a quarter of would-be buyers were willing to upturn a digital cart with merchandise worth at least $100 if they reached checkout only to discover they had forgotten their password.

Faced with the process of changing the password, they left the scene.

On average, a purchase had to total at least $162 before shoppers were willing to reset a password.

The most commonly forgotten financial passwords? Those for online banking.

And then, the biggest class of consumer in the United States, Baby Boomers, are most apt to use a golden oldie of a password when they have forgotten the one needed at the moment.

Beyond Identity sells “invisible” multi-factor authentication, or MFA. Its service binds IDs cryptographically to devices as an alternative to passwords, so it can be expected to pull out some embarrassing — if not unexpected — statistics in verification.

Indeed, another ID verification vendor, Transmit Security, also has some statistics that, while not surprising, might finally spur companies to move off the password dime.

The company surveyed 600 young adults, aged 18 years to 24, and learned that fully half of Gen Z scoots if they cannot remember a password.

It is understandable that they are so ready to bolt. Eighty-five percent do some or all of their online shopping on their phone. Eighty-three percent log into bank and payment accounts by phone.

And almost 40 percent of Gen Z bank and make payments only by phone.

SMS OTPs frequently do not reach them, perhaps in part because one in three has more than one mobile phone number.

The upshot is that it remains too hard for many people (of any age group) to complete the often-grueling task of resetting a password with their thumbs, even if they are sitting on a couch.

They have been using device-based biometrics for years, however, Transmit CEO Mickey Boodae observes in the announcement.

What is, perhaps, eye-opening is that Transmit Security found that 28 percent of Gen Z cannot be bothered to change a stolen password. That would be business lost, perhaps permanently.

Article Topics

 |   |   |   |   |   |   |   |   | 

Latest Biometrics News


SITA wraps up acquisition of Materna IPS

SITA reports it has completed all necessary regulatory and legal procedures and finalized its acquisition of Materna IPS, a provider…


Payface lands new retail biometric payments deal in Brazil

Brazilian face biometrics payments startup Payface has clinched a deal with supermarket chain Ítalo. Ítalo Supermercados, based in the southern…


EU to fund digital programs with €108m, including digital identity

The European Union has issued a new call for funding within the Digital Europe Programme (DIGITAL), allocating over 108 million…


Lawmakers try again to kill diversion of TSA screening tech funds

Because of Washington partisan politics, the U.S. Transportation Security Administration (TSA) doesn’t expect to be able to field upgraded and…


Florida tosses mDL program into the Gulf

Florida’s mobile driver’s license has been shut down, making the state a rare case in the world of a place…


FBI biometric fingerprint lab gets a party on its 100th birthday

The Federal Bureau of Investigation (FBI) is celebrating the centennial of its fingerprint lab. A release from the agency says…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events