With the FBI reporting a fourfold increase in cybersecurity-related complaints since the beginning of the pandemic, and with 51% of online users reusing passwords, businesses have to change their approach to managing data security.
Over 50% of online users reuse passwords across accounts
The problem with passwords
Passwords are no longer effective. For large businesses, managing password-related queries can take up a lot of valuable time and resources, and passwords are also known to be the cause of over 80% of data breaches. For consumers, managing passwords can be a hassle, and fraudsters are easily able to hack passwords.
So, how can companies ensure that their customers' transactions are always secure without introducing unnecessary friction? FIDO might be just the answer.
What are FIDO and FIDO2?
Fast Identity Online (FIDO) is a modern authentication standard used for digital identity authentication. FIDO harnesses the latest technology to reduce the risk of breaches and eliminate the use of passwords. The standard helps enterprises balance both security and user experience for their customers.
FIDO2 authentication is a continuation of the work done by the FIDO Alliance. FIDO2 aims to eliminate password use over the internet, enabling fast and secure digital access across both apps and websites.
To build and maintain customer trust, businesses need to eliminate the use of passwords and with it, the traditional threats associated with username and password logins. FIDO harnesses innovative technology to improve digital security and eliminate ineffective passwords through strong authentication. The end result: a streamlined customer experience that balances security, convenience, and privacy.
To build and maintain customer trust, businesses need to eliminate the use of passwords and with it, the traditional threats associated with username and password logins.
In our ebook, The ultimate guide to FIDO, you can learn more about:
- The risk of passwords
- FIDO and FIDO2
- The FIDO standards, protocols, and specifications
- FIDO applications across various industries
What about passkeys?
Passkeys also leverage FIDO to replace passwords for faster, easier, and more secure access to websites and apps. Learn more in our passkeys fact sheet.