Why passwords are to blame for loss of revenue, identity attrition and poor customer experiences

2021-04-01 04:00

Transmit Security has released a state of customer authentication report that includes customer experience insights based on its survey of 600 U.S. consumers.

According to the report findings, organizations are losing potential customers and a substantial amount of revenue due to their dependency on traditional password systems and outdated customer authentication models.

More than 50% of the survey participants admit they have shared a password to, at least, one of their online accounts with someone else and 41% say they share their passwords often.

Traditional passwords also significantly impact customer experiences.

"The number of consumers getting blocked from their online accounts because of poor password experiences is staggering. Customers are dropping out of transaction processes - or failing to use a site at all - due to overly complicated, and oftentimes error-ridden, password systems," says Transmit Security CEO Mickey Boodaei.

"These horrible customer experiences are costing businesses an unimaginable amount of money, not to mention the revenue that's lost due to password-sharing between consumers. The market is ready for change. It's time to eliminate our dependency on outdated password technology and evolve to a place where passwords are no longer necessary."

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