Survey Says 52 Percent Of Consumers Prefer Biometrics Over Passwords When Logging Into Online Accounts

Newly released Digital Identity Tracker shows customers would rather use “modern authentication methods” instead of traditional username/password credentials when signing into their Internet accounts

BOSTON--()--With consumers having to log into multiple online accounts on a daily basis, remembering passwords can be a tricky proposition and a survey shows 52 percent of customers would rather use biometrics as an alternative, according to the latest edition of the Digital Identity Tracker.

This study, done collaboratively with Socure, a leader in digital identity verification, shows customers would prefer to use “modern authentication methods” instead of traditional username/password credentials when signing into their Internet accounts.

According to the survey from Gigya, 80 percent of survey respondents with an authentication preference said they believe biometric options are safer than passwords. 68 percent of customers also forgo making accounts on websites with what they perceive to be “complex password requirements,” the survey adds.

The global mobile biometrics industry is expected to expand at a compound average growth rate (CAGR) of 103 percent by 2020, according to a market study from Technavio. A Research and Markets report forecasts the role of global biometrics market in government will increase at a CAGR of nearly 12 percent by this time.

The fingerprint, voice and facial recognition industries are predicted to be worth $12 billion, $11 billion, and $1 billion, respectively.

Each month, the Tracker Scorecard features and ranks companies that are evaluated based on four key areas including:

• where a company authenticates a consumer’s digital identity (channels);

• who is using the authentication digital identity (relying parties);

• identifies how the authentication technology will be used (authentication use case); and

• examines the underlying technology used to authenticate the consumer’s identity (authentication method).

There are 84 companies appearing in this month’s scorecard, with several new additions including: Arcanum Technology, BehavioSec, Facebanx, Precise Biometrics, Ping Identity, Trustev and VoiceVault.

Here’s a look at the top 10-ranked digital identity companies and their respective score:

1. Early Warning - 94

2. Trustev - 93

(t) 3. Oberthur Technologies - 88

(t) 3. Authasas - 88

5. Socure - 84

(t) 6. Authentify - 83

(t) 6. Cryptovision - 83

(t) 6. NokNokLabs - 83

9. Sift Science - 81

10. AU10TIX - 79

Some other highlights from the tracker include:

• Research showing fraud attacks have increased 215 percent in the past year.

• An exclusive interview with Brandon Krieg, co-founder and president of investment app StashInvest, to discuss digital security and the importance of safe, comprehensive identification solutions.

To get exclusive insights, download the complete PYMNTS Digital Identity Tracker.

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Alexander Terzian, 774-219-6132

Alexander Terzian, 774-219-6132