FIDO Alliance: Passwords Still Used More Often Than More Secure Methods

With a goal of providing a “Fast IDentity Online,” the FIDO Alliance has debuted its Online Authentication Barometer to keep tabs on the use of secure authentication technologies among the general public, according to a Monday (Oct. 18) press release.

Through its survey of 10,000 consumers in the U.S., the U.K., France, Germany, Australia, Singapore, Japan, South Korea, India and China, the Online Authentication Barometer provides baseline insights into the state of online authentication in these 10 countries. Future editions will be able to compare changes in behaviors and attitudes over time, according to the announcement.

The survey found that 56% of those polled had used passwords to log into financial accounts within the last 60 days. In addition, 32% of those surveyed said that biometrics – or unique physical characteristics, such as fingerprints or facial recognition – is the most secure authentication method, and is the preferred method for 28%. More than one-third of those surveyed said they do not take any action to improve their online security. Nearly 20% of those polled said that strengthening their password is the best way to secure their account.

The FIDO Alliance was formed in 2012 with the goal of changing the method of online authentication to reduce the reliance on passwords.

Related news: Visa Expands Investment in LoginID — and Authenticated Payments’ Future

More organizations, financial institutions (FIs) in particular, are moving in the direction of passwordless authentication methods, as PYMNTS reported. The European Union has already instituted strong customer authentication (SCA).

PYMNTS estimated that as many as 18 billion transactions will be verified using biometrics in 2021.

Visa supports biometric authentication, and in June invested an undisclosed amount into LoginID, a multi-factor authentication provider. LoginID is part of the FIDO Alliance.

In addition to Visa, Mastercard and American Express, as well as tech leaders including Microsoft and Google, support FIDO’s passwordless standards, PYMNTS reported.

According to the FIDO Alliance announcement, Apple, Google and Microsoft have begun including possession-based passwordless options – including biometrics – into their offerings to bolster security and convenience.