Password-based authentication is part of a colossal problem
July 8, 2022
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According to the latest reports, stolen and leaked passwords are responsible for a stunning 80% of all hacking-related breaches globally. One of the oldest security tools for software and he internet - the password - doesn't provide enough protection for companies or customer nowadays. It's authentication and ante up their safety and user experience.
Password-based login system are cheap and insecure
In today’s digital world, password authentication ought to be deemed passé in terms of best practise for online security and a great user experience.The primary reason so many businesses utilise such outdated authentication and security measures is that a password-based login system is the easiest and the cheapest to implement. But simple authentication methods requiring an only username and password combinations are inherently vulnerable to attacks that target the users and their credentials. Passwords constitute the weakest link in the security chain, and very few breaches are due to security deficiencies found elsewhere in a system.Passwords are hard to remember and easy to misplace. Also, the common reuse of passwords for multiple accounts poses a grave security threat as passwords are the number one target of cybercriminals.
Stolen passwords, credential vulnerabilities and reused login information are responsible in one way or other for over 80% of all data breaches, according to Verizon’s 2021 Data Breach Investigations Report. The disheartening truth is that if cybercrime were a country, it would be the world’s third-largest economy - in 2021, the worldwide costs of cybercrime amounted to $6 trillion.Financial gain is the main motive behind cyberattacks.
To reach their end goal, criminals utilise various methods and techniques to steal people's login credentials, e.g., programs to generate a random username and password combinations or exploit weak passwords like 123456 (the most used password worldwide).Criminals also benefit from the fact that many people reuse the same username and password for several accounts. By using the stolen or leaked credentials from one account, criminals can access multiple accounts held by the same user.Fraudsters can also trick people into giving up their credentials willingly by sending bogus emails or text messages that imitate the communication of a well-renowned brand, asking unsuspecting folk to include such delicate information in their replying email. Another way is to trick people into clicking on links or opening e-mail attachments that install malware on their computers to capture username and password keystrokes.
MFA adds safety but also friction to the customer journey
Sure, consumers who follow the rulebook for creating a strong and unique password for each account and application and those who utilise a password manager or password generator will ante up their online safety to some degree.But cybercriminals and online fraudsters are innovative, highly motivated, and continuously make technological advancements that enable their illicit doings.As one of the oldest security tools for software and the internet, passwords don’t provide enough protection for businesses anymore. Consequently, many companies implement multi-factor authentication (MFA) to address password-based authentication issues and prevent some of the most common cyberattacks.
MFA is an authentication method that requires the user to provide two or more verification factors to gain access to an application or an online account. Common examples of multi-factor authentication include a password or PIN, personal devices, such as a phone or token, or biometric traits.One-time passwords (OTP) - those digit codes that you probably have received via email, SMS, or some mobile app at some time- are one of the most common MFA factors. But the add-on efforts of MFA also create an unsatisfying user experience tainted with extra steps that cause various degrees of friction, depending on what additional verification factors are employed.Businesses need to strike a balance between safety and convenience for their users, customers, and subscribers. And this can't be achieved with either password-based login systems or multi-factor authentication.It's about time that all organisations stuck in the past eliminate passwords from the login process, reduce friction, increase security, and provide a better user experience by implementing passwordless authentication.
There are several different solutions for passwordless authentication. These vary in features and implementation, but they all enable users to log in without creating or memorising a password.This article focuses on a highly safe and convenient passwordless biometric authentication solution that renders an already verified user’s face the access key for digital services and applications.Fortified with AI-driven fraud detection and prevention measures, this is the ultimate passwordless biometric authentication solution offering users a unique, secure, and swift remote access experience while guaranteeing maximum data access security.
Biometric passwordless authentication
Letting new users undergo a complete automated digital identity verification during the customer onboarding process lays the foundation for saving a reference photo and making the person's face a unique security factor for remote access to your platform, application, or service.For a company connected with the ZignSec platform, the automated onboarding and verification process would play out as follows at their users' end:The user submits a photo of their official identity document (passport, identity card, driver’s license, etc.). Then, the user takes a selfie video of less than one second. Everything is checked and approved in just a few minutes.It's an intuitive, almost instantaneous digital onboarding process bringing a lower bounce rate and a higher retention rate.
In the background: Our platform employs the most appropriate verification method regardless of the ID document, making your business receptive to international customer acquisition and business expansions. ZignSec provides frictionless verification processes irrespective of geographical boundaries as we cover more than 10 000 document types in 170 countries.We offer a fully automated ID verification process fortified with AI-driven ID document fraud analysis, biometric face comparison and liveness detection running in the background, ensuring that any prospective customers are who they claim to be.
Once the person's identity has been verified, and the registered user wants to re-access your platform or service, the user's face serves as the only authentication factor needed to confirm that the person initiating the access request is the pre-registered owner of the account.It only requires the user to take a simple video selfie of less than a second from any device. Our hard-working algorithms verify that the live video matches the user’s reference photo in less than five seconds. Our passive liveness detection makes sure that the person claiming their identity is physically present in front of the screen and not a fraudster trying to imitate the user by presenting a photo, a video, or a 2D/3D mask.
Replace outdated password authentication with a biometric access key
This passwordless biometric authentication is secure, fast, and meticulous, and it blocks any fraudulent access attempts. The user experience is intuitive, frictionless, and quick, surpassing your customers’ expectations. It takes a couple of seconds for a registered user's login (re-access) request to be validated by biometric verification.Your customers can access your platform, application, or service easily and securely with any device on the web (PC, Mac, tablet) and mobile (iOS, Android). This solution is designed to comply with all European regulations, including the GDPR.
Many companies have now realised that passwords are the most frequently targeted vector by fraudsters to steal, manipulate or intercept. Replacing a vulnerable password-based login system with biometrics and letting the user's face become the only access key to the digital world is optimal for businesses with sensitive data or systems that require secure user accounts.This biometric authentication solution is user-friendly, safe, and resilient to fraud. The cost of implementing it is nothing compared to the fines and losses incurred due to a data breach and the havoc surrounding password-based authentication.With the capacity to offer organisations complete KYC compliance following AML requirements globally and locally, we provide a multitude of compliance measures, identity verification solutions, detection and prevention of fraud and much more.We can help you upgrade your obsolete password-based login system with a more secure and user-friendly means of authentication.
Verify and validate the legitimacy of your corporate clients
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