Passwords are bad for business, frustrating for consumers
According to Transmit Security’s State of Customer Authentication report, 55% of consumers have stopped using a website because of the login process and more than 87% have been locked out of an online account because of an error-ridden password process.
Transmit Security has released “The Impact of Passwords on Your Business,” a State of Customer Authentication report that includes customer experience insights based on its survey of 600 U.S. consumers. According to the report findings, organizations are losing potential customers and a substantial amount of revenue due to their dependency on traditional password systems and outdated customer authentication models.
The report also underscores the challenges connected to password-sharing habits. More than 50% of the survey participants admit they have shared a password to, at least, one of their online accounts with someone else and 41% say they share their passwords often. Not only does password-sharing pose a severe security risk, it impacts businesses in a number of ways, from the amount of revenue they’re able to generate to their ability to monitor usage and personalize services.