Passwords have been a cornerstone of digital authentication for decades, but their flaws are becoming increasingly apparent. According to the FIDO Alliance’s latest report, “password pain” has led 42% of consumers to abandon purchases due to forgotten passwords. This figure rises to over 50% among consumers aged 25 to 34. As businesses fight for customer loyalty, these frustrations present a growing challenge.
“Passwords are becoming increasingly outdated and vulnerable to sophisticated cyber threats,” says Devin Ertel, chief information security officer at Menlo Security.” Many experts believe that a passwordless future is not just a possibility but an inevitability.”
Enter passkeys—authentication methods designed to eliminate passwords altogether by leveraging public key cryptography. Instead of remembering and typing a password, users rely on their devices to store unique private keys, making the login process faster and more secure. While passkeys aren’t perfect, they’re a step closer to a world without passwords, easing frustrations for consumers and reducing risks for businesses.
