A study of 600 security professionals by mobile ID provider TeleSign has revealed that customer account protection is a major worry for businesses, with 72% of those interviewed saying passwords will be phased out by 2025. More and more companies, says the report, are replacing passwords with behavioral biometrics and two-factor authentication (2FA) with 92% of security experts claiming this will enhance account security considerably.
“The vast majority of security professionals no longer trust the password to do its job,” said Ryan Disraeli of TeleSign because 69% of the respondents said they did not think usernames and passwords provided enough security. Account takeovers (ATOs) were a huge concern for 79% even as 86% worried about ID authentication of web and mobile app users with 90% having been hit by online frauds in the last year.
More than half (54%) of the organizations say they will move to behavioral biometrics in 2016 or later whereas 85% said they would implement 2FA within the next 12 months. Eight out of the 10 respondents believe behavioral biometrics will not degrade user experience.
Read the full survey here.