Passwords have been the universal way to access accounts for decades now, and most people use one password for multiple accounts on different platforms. People reuse their passwords so they will not have to remember multiple ones to access their accounts.
Some people use password managers to handle their login credentials. However, this solution still has several disadvantages since it has a single point of failure and prompts users to use their own money to secure their privacy and data.
Most experts agree that passwordless authentication is currently the next step in digital innovation. Businesses can invest in having passwordless authentication solutions to provide customers with a secure and superior customer experience.
FIDO2 authentication allows companies to reduce security risks by keeping their customers from using their accounts through passwords. FIDO login credentials bind the customer’s device to a server, allowing the user to authenticate their identity without typing in a password.
Using passwordless authentication solutions allow businesses across multiple industries to comply with different regulations, including the Anti-Money Laundering (AML), Know-Your-Customer (KYC), Payment Services Directive 2 (PSD2), and others. Adopting passwordless authentication solutions requires businesses to replace their legacy systems and use modern authentications and security systems.
Eliminating passwords secures a company’s network and leads to better customer service than before. To know more on how passwordless logins help businesses, see this infographic by Ipsidy.