Security News > 2021 > July > Most financial services mobile apps still rely on passwords, even with added friction

The study was conducted to provide banking, financial services, and investing/trading mobile apps with insights on the state of mobile app login authentication and the friction when a user resets their password.

This surge in both fraud losses and mobile usage highlights the need of financial services companies to look to multi-factor authentication solutions that provide stronger security than passwords without interfering with a great mobile user experience, a key competitive advantage in today's app-driven world.

With passwords still present as the most common authentication method in the set of financial apps, the friction created by the password reset process creates a pain point for users.

Passwords still the primary form of authentication for financial services mobile apps.

The study found that the majority of mobile apps, 26 out of the 27 apps tested, still rely on passwords as the primary form of authentication, with one time password as the most common MFA method, used in 17 of the 27 apps tested, even though NIST's identity guidelines consider out-of-band authentication over SMS a restricted channel due to security concerns.

Lowest password reset friction: Klover had the lowest password reset friction overall and for financial services/banking apps.

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