Digital Transactions: Why the password is going extinct

Usernames and passwords have been the most common authentication method for digitally accessing an account. However, passwords are vulnerable to compromise through a variety of attack vectors. “Passwords are fundamentally flawed, because they can be hacked, forgotten, and stolen,” says Andrew Shikiar, executive director and chief marketing officer for the FIDO Alliance. “It’s also tough to enter passwords on keyboardless devices. Plus, more than 80% of data breaches can be tracked back to passwords.”