World Password Day: Are Passwords on the Way Out?
May 3, 2021
May 6 is World Password Day. First celebrated in 2013, it’s meant to serve as a reminder of the importance of good password hygiene. With so many workforces having transitioned to remote this past year, good passwords are more important than ever. In fact, the basis of every effective cybersecurity strategy depends on them!
Time and time again, cyber experts emphasize the importance of creating strong passwords that are difficult to hack. It seems every website and online store has specific password requirements consumers must follow when creating an account, and for good reason. Simple passwords that only include five letters or less and no special characters or numerals can be hacked in mere minutes.
But even the most complex passwords have weaknesses. According to Strategic Link partner, Cozera, there’s a better option out there.
80% of People Reuse Their Passwords
Trying to come up with a variety of complex passwords can be tedious. Password policies typically require a special character, a number, uppercase letters, and lowercase letters. And despite constant warnings that using the same passwords on all accounts is a recipe for disaster, many consumers still do — it’s just easier that way. Which means that if a hacker gains access to one account, they likely can hack into every single account owned by that person. On average, an internet user has more than 100 online accounts that require passwords.
“I Will Remember My Password”
It’s a lie many of us tell ourselves when creating a new password. In fact, a study found 78% of people working across the U.S. and Canada require a reset of a forgotten password in their personal life at least every three months.
Passwords Are Too Easy to Guess
Most users don’t realize how much personal information they willingly share on social media. Whether it’s a “What Superhero Are You?” quiz that requires your birth date, or a chart that generates a funny nickname based on the street you grew up on, there’s a plethora of information about each individual that’s available to the public. Much of that information is can be used to guess people’s passwords.
Why Have Passwords at All?
So, here is the real question: Why have passwords at all? Consider Cozera’s id-go digital identity passport. id-go is a credential that enables any service provider to prove the identity of a person by using biometrics with a smart mobile phone device.
Credit unions are using id-go to quickly and securely authenticate their members. A simple, one-time enrollment creates a hassle-free experience for members as they quickly pass through a credit union’s verification screening. Members no longer have to constantly repeat the last four digits of their Social Security number, birth date, or mother’s maiden name for every call or visit to a credit union.
Because id-go is a private and portable digital identity service, the credential is always current and valid, affording the highest degree of privacy for users, and can be used wherever and however users interact with their credit union — in-branch, via a call center, or through an online or video teller.
Bottom line? No more passwords.
Click here to learn how Northwest credit unions are leveraging id-go to streamline the authentication process, reduce fraud, and better serve their members.