In an effort to shift to a passwordless world, BindID gives organizations the power to delete all passwords from their databases, a monumental step forward for improving security, reducing and mitigating risk from data breaches and hackers, as well as complying with global data privacy regulations. Users can authenticate through their mobile or any biometrics-enabled device without the need for an authentication app.” “BindID marks the end of the password era. “Is there anyone who hasn’t had a frustrating experience with passwords? Whether it’s trying to create and remember multiple passwords, answering security questions, continual resets or even being locked out of important accounts – passwords are impractical, burdensome and among the weakest links in security,” said Mickey Boodaei, CEO and Co-Founder of Transmit Security. In fact, a study of 4,000 consumers across the U.S., U.K., Germany and France conducted in October 2020 by the FIDO Alliance found that 60% of consumers had abandoned purchases due to password management difficulties or because they were forced to create a new account and password to complete their purchase. Negative experiences with identity authentication can diminish customer loyalty and prompt consumers to abandon the process of purchasing goods and services or setting up an account. On top of this, businesses also suffer from password-relating frustrations experienced by their users. Nowadays, more services are opting to use security questions or two-factor verification for added security, but the world’s dependence on the password still remains. As a static form of security, passwords on their own provide no identity verification, meaning that if somebody guesses your password, they may be able to access your account with no questions asked. Over the past few years, it’s become increasingly evident that passwords are becoming obsolete. BindID also features the ability to use one’s mobile device to securely authenticate to other devices and channels that may not have an embedded biometric reader, all while requiring no customer software downloads or dedicated hardware in itself. The service allows for users to authenticate and access their accounts using embedded biometric scanners in their devices, such as through a fingerprint or face recognition. Last month, cybersecurity and digital identity company Transmit Security announced the release of BindID, a passwordless authentication service. Or perhaps you rely on a password manager, but are plagued with the knowledge that if you lose access to it, you would lose access to almost every account you have. Chances are you’ve forgotten a password at least once in your life and had to reset your account credentials as a result.
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