Chances are you’ve forgotten a password at least once in your life and had to reset your account credentials as a result. Or perhaps you rely on a password manager, but are plagued with the knowledge that if you lose access to it, you would lose access to almost every account you have.

Last month, cybersecurity and digital identity company Transmit Security announced the release of BindID, a passwordless authentication service. The service allows for users to authenticate and access their accounts using embedded biometric scanners in their devices, such as through a fingerprint or face recognition. BindID also features the ability to use one’s mobile device to securely authenticate to other devices and channels that may not have an embedded biometric reader, all while requiring no customer software downloads or dedicated hardware in itself.

The Hassle of Passwords

Over the past few years, it’s become increasingly evident that passwords are becoming obsolete. As a static form of security, passwords on their own provide no identity verification, meaning that if somebody guesses your password, they may be able to access your account with no questions asked. Nowadays, more services are opting to use security questions or two-factor verification for added security, but the world’s dependence on the password still remains.

On top of this, businesses also suffer from password-relating frustrations experienced by their users. Negative experiences with identity authentication can diminish customer loyalty and prompt consumers to abandon the process of purchasing goods and services or setting up an account. In fact, a study of 4,000 consumers across the U.S., U.K., Germany and France conducted in October 2020 by the FIDO Alliance found that 60% of consumers had abandoned purchases due to password management difficulties or because they were forced to create a new account and password to complete their purchase.

“Is there anyone who hasn’t had a frustrating experience with passwords? Whether it’s trying to create and remember multiple passwords, answering security questions, continual resets or even being locked out of important accounts – passwords are impractical, burdensome and among the weakest links in security,” said Mickey Boodaei, CEO and Co-Founder of Transmit Security. “BindID marks the end of the password era. Users can authenticate through their mobile or any biometrics-enabled device without the need for an authentication app.”

In an effort to shift to a passwordless world, BindID gives organizations the power to delete all passwords from their databases, a monumental step forward for improving security, reducing and mitigating risk from data breaches and hackers, as well as complying with global data privacy regulations. In fact, companies that decide to eliminate passwords eliminate their biggest security and compliance vulnerabilities, as more than 80% of all data breaches involve passwords.

Passwordless Standards for a Better Future

Unlike many other passwordless experiences which require customers to download applications to their mobile devices, use special hardware like a standalone fingerprint reader or apply methods like SMS one-time pass codes (OTPs), Transmit Security has designed BindID to be streamlined and interoperable. Key features include:

• Passwordless authentication based on FIDO2 and OIDC standards that use device biometrics
• A frictionless authentication experience regardless of where a user is authenticating from, whether from the web, mobile devices or even a call center
• Any device access that allows users already established in the BindID network to automatically add new biometric devices for quick and easy account access
• Easy deployment through the use of open standards and APIs that allow organizations to quickly deploy BindID

These features work together to create a unified and secure authentication experience that boosts user adoption while ending identity attrition. Currently, the BindID solution is being employed by many major global financial institutions and businesses, including HSBC, Santander, UBS, SunLife Financial and more.

ABOUT THE WRITER

Serena He is a Tech Innovation Fellow from the University of Southern California who is interested in AI and the intersection of design and technology. She enjoys covering news across the digital identity and tech space.

Contact Serena He at serena@identityreview.com.

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