Password Plight: Losing Business Over Password Woes

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If you’re one of the average consumers who juggles more than 100 passwords in today’s world, odds are you’ve struggled to remember one or more of them at some point in time.

While people utilize many different methods to keep track of the burgeoning list required for every day transactions, a recent study shows consumers are getting overwhelmed.

In fact, password proliferation has become so oppressive that vendors are losing business to frustrated customers who don’t remember their password, and don’t have time to dig it up or don’t care enough anymore to track it down.

In August, a global study by the Fido Alliance conducted by Sapio Research surveyed over ten thousand consumers in the US, United Kingdom, and parts of Europe and Asia. In the study, consumers reported abandoning purchases over password issues more than four times a day. In some cases, they stopped accessing the online service altogether over password hassles.

The results reflect an increase of 28 percent over average findings in 2022. And the dilemma is resulting in losses through higher cart abandonment rates for vendors who rely on online sales.

One of the culprits may be an issue of frequency. The average US consumer enters manual passwords at a daily rate higher than anywhere else in the world.

As a result of password overload, biometric passwords are steadily gaining ground. At least 23% of those polled reported using a passkey method such as fingerprints or facial scans. And 63% of survey participants said they’re somewhat or very familiar with biometric alternatives.

Another major issue on consumers’ minds is security. A full 54% of those surveyed said they’ve seen an increase in scams and suspicious messages, and believe the perpetrators are growing more sophisticated in their attempts. On the flip side, 52% of consumers believe they’re becoming more adept at identifying dubious content.

In an ever more digital world, how will consumers navigate the web of pass requirements to conduct their daily business? Read more here.

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