An independent survey of online shopping trends by Hoyos Labs found that 90 percent of participants think that passwords provide little or no security, yet they are still the main way people access their accounts. More than a third believe that using biometrics, such as facial recognition or Touch ID, would be a much more secure solution.
"Passwords end up being the biggest liability when it comes to security," said Hoyos Labs CEO Hector Hoyos. "People forget them, use easily identifiable information, and rarely change their passwords. While some credit card companies have introduced chips instead of passwords, there is still much to be done to keep information safe and secure. We've been working feverishly with financial institutions to deploy the use of biometric authentication, where a consumer's own biometric profile replaces usernames and passwords. As a result purchases are more secure and convenient and we look forward to a safer, more secure holiday season.
Specific survey results include:
•100 percent of participants plan to shop online this holiday season, and more than 24 percent of participants will complete 75 percent or more of their holiday purchases online.
•While used regularly, less than 10 percent of participants think passwords are secure. More than 33 percent of those surveyed believe biometrics would provide much more personal security.
•More than 50 percent of those surveyed use the same password for up to 10 personal accounts.
•While 33 percent of participants regularly change their passwords every few months, 27 percent rarely change them, and 21 percent of participants admitted they only change their password when forced by the website.
•Nearly 40 percent of participants surveyed admitted that if their personal information was compromised with a company, they would continue to shop with the merchant when necessary, and would pay by cash.
•While 54 percent of survey participants generally worry about their credit and banking information being stolen online, 46 percent admitted that they are not yet willing to buy personal identity protection.
•67 percent of survey participants said they will refrain from using public Wi-Fi this holiday season as a measure to keep their personal information safe.