Online shopping can be fun. Fun, that is, until you reach the checkout point and you’re forced to decode a cryptic word to pass the authentication process that you’ve failed twice. Or worse, you’ve forgotten your password. Twice. This week.
Most online services insist on a two-factor authentication process for security purposes. A recent study released by the Ponemon Institute, sponsored by Nok Nok Labs, surveyed more than 1,900 consumers between the ages of 18-65-years-old in the US, Germany and the UK, asking them about their perception and experience with the online security process.
Phillip Dunkelberger, CEO at Nok Nok Labs, stated, “Not only are breaches increasing because of password re-use across different web services, but this failure and insecurity is reducing consumer confidence when doing business online.” He further explained, “It’s time we evolved our thinking about how businesses authenticate their customers.”
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
The report revealed that approximately 50 percent of participants very frequently or frequently were forced to stop an online transaction because they failed the website’s authentication. The report indicated that most of the authentication problems were a result of forgotten passwords, usernames, or pre-set personal questions. Consumers use the Internet for an array of functions that require multiple usernames and passwords, making it difficult to keep track of every one they use. Despite the frequent lapse in memory, 40 percent of consumers reported to not trusting websites that do not prompt periodic password changes.
Sixty percent of the respondents prefer to use a single identity authorization for multiple systems. A single identity authorization means a consumer will choose a single password for all online accounts, which many warn as unsafe. US and UK consumers attributed convenience as their reason for choosing one identity, while German consumers reported it was for security reasons.
So if consumers don’t trust single step authentications but they can’t remember passwords, what do they want?
The majority of respondents conveyed that they were accepting of using biometrics for verification in organizations such as financial institutions, government authorities or health care providers. Biometric procedures can include facial, fingerprint and iris scans or voice acknowledgment.
When asked to share the top organizations consumers believed had the most secure authentication, the following establishments were listed (ranked most trusted to least): Banking institutions, credit card and Internet payment providers, social media, retailers and Internet service providers.
Dr. Larry Ponemon, chairman and founder of the Ponemon Institute, said, “The good news is that there is a sense of willingness to try emerging technology and more complex identiy verification systems to fix this broken system.”
To read the full Nok Nok Labs sponsored Ponemon Institute report click here.
Add as Preferred Source
