Passwords have been a trusted and familiar method of authentication for years. Their convenience, however, also makes them easy to crack. About 20 percent of users will choose their birth year if asked to create a four-digit PIN, and similar habits abound with passwords. To our disadvantage, we’ve become so reliant on passwords that, even when data breaches occur almost daily, and we’re told to change our passwords, almost half of consumers do not heed that warning.
Passwords have failed to keep pace with the growth of online services on which we rely. Simply put, they do not offer the kind of protection needed from today’s fraudsters, who are growing more sophisticated in the way they exploit weaknesses in password security and usability.