Two-Factor Authentication and why your business needs it

July 22, 2016

2FA and consumer

Consumers now expect more trusted experiences in the online space in exchange for their personal information, while businesses struggle to protect user privacy in light of growing global security concerns. Since confidence in username and password processes is decreasing, today’s businesses must find new ways of securing users’ data while creating a great customer experience.

The results of a reason survey conducted by OnePoll.com revealed some compelling statistics for businesses to consider using Two-Factor Authentication (2FA).

The survey conducted in February 2016, shows a deep sense of consumer dissatisfaction with increasingly outdated password-based systems as a form of account protection. Querying 2,000 U.S. adults and 2,000 U.K. adults – between the ages of 18 and 69 with internet access and online accounts – the poll found that more than half of the consumers said they would prefer any kind of advanced verification system above passwords or to put it more simply, choose literally any option to using a traditional username and password for account security.

Of the 52 percent of respondents who prefer to log into online accounts using modern authentication methods, 29 percent say they would prefer using Two-Factor Authentication with 20 percent preferring biometric authentication.

Only 16 percent reported following password best practices and using unique passwords for separate online accounts and of these, at least 6 percent use the same password for all accounts.

As consumers create unsecure passwords and reuse login credentials across devices and domains, they generate risk for businesses by leaving their accounts open to phishing and fraud. According to the report, more than one quarter (26 percent) of all respondents have had at least one online account compromised in the past 12 months.

In addition to the potential security issues presented by conventional password authentication, the findings showed that businesses are in danger of detracting from the overall customer experience and negatively impacting on customer engagement by requiring improved, more secure passwords.

68% of consumers will abandon creating an online account due to complex password requirements, while a further 55% will leave a login page because they have either forgotten their passwords or answered a security question incorrectly.

The survey also further explores the difficulties involved in password management, how the user experience has been compromised due to privacy issues and the rise of the next generation authentication and what we can expect.

Interested in learning more about Two-Factor Authentication? Please contact our dedicated sales team: sales@fortytwo.com

Source: OnePoll.com

Tweet about this on TwitterShare on Facebook6Share on Google+0Share on LinkedIn0Email this to someone