Consumers may be stuck using the outmoded authentication system, but most prefer more sophisticated methods.
Traditional use of passwords currently remains the most prevalent method for digital activities, despite recent advances in online data authentication. The PYMNTS collaboration with Entersekt, “Visible and Invisible Security: Perceptions in Digital Banking,” finds 65% of consumers verified at least one online financial activity or transaction with a password within 30 days previous to being surveyed. However, as the accompanying chart included in the report indicates, only 25% of consumers prefer using passwords as an authentication method. This is despite that 52% of consumers who have used biometrics prefer the method, making it the most popular option.