Passwords have been used to verify a person’s identity when accessing their accounts and devices. Because people have multiple online accounts, they usually use the same password to have easy access to them since they will not have to remember different passwords. Some people use password managers for their login credentials, with the only risk being losing their master password to lose access to their accounts.
Because people can lose their accounts when they forget their passwords or a hacker finds them out, using a passwordless method offers greater security for users. Many experts agreed that passwordless login is the next step in digital innovation, with touchless and frictionless solutions ranking among the top ten in Security Megatrend’s 2021 predictions.
Using FIDO2 authentication allows online businesses to minimize data security risks and comply with data protection regulations like the Anti-Money Laundering, Know-Your-Customer, and Payment Services Directive 2. Besides compliance with data protection regulations, online businesses can also reduce password reset expenses, strengthen brand loyalty through excellent customer experience, improve workforce productivity, and gain an advantage against competitors.
Eliminating passwords brings multiple benefits for online businesses as FIDO 2.0-compliant login credentials provide more robust and seamless identity authentication. For more information, see this infographic by Ipsidy.