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FinTech Prediction Series: Will Biometric Authentication Replace Passwords in 2016?

Security is the topmost concern of the financial services industry today. Passwords have been the most common and the oldest way to keep accounts and personal data secure. But for how long? It's difficult to keep a track of all the passwords. With the growing number of apps and websites being used today, the list of passwords keeps growing as well. Also, there is the question of whether passwords are safe anymore. Several surveys have revealed that people use same passwords across their Internet accounts. Over half of Internet users get at least one phishing email per day. According to Consumer Reports, the cost of phishing is almost $500 million per year in the United States alone. On top of that, there are computer software programs like Hashcat, which can crack passwords up to 55 characters. Given the increasing levels of vulnerability of passwords, we at Let’s Talk Payments wonder if 2016 should be a password-free year.

What motivates us to think of 2016 as a password-free year is Google’s recent pilot involving password-free logins that involve signing into Gmail without a password ...

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