According to LastPass's Global Password Security Report, the average individual has 85 different accounts. Remembering 85 passwords is not easy, but most people repeat their passwords, causing a password overload.
E-commerce sites have felt the impact of password overload leading to shopping cart abandonment, where shoppers give up after trying to enter their passwords before having their account locked. Similar challenges exist for low transaction activities like scheduling appointments at a physician's office portal, annual enrollment at a health insurance portal, or your library account.
Authentication is the process of validating the identity of the person to access an application or site. Having the right key provides the access required. Passwords need not be the only answer; having two parameters for access is better. Two-factor authentication uses the principle of "something you know," which could be a password or your date of birth and "something you have," which could be your phone. Additional authentication is biometric ("something you are") similar to face recognition or a fingerprint on your mobile phone.
Passwordless authentication removes the cognitive blocks from going ahead with online activities. Without the hassles of remembering passwords, members can quickly complete the task on hand. Multi-factor authentication is the future for organizations and key in system based solutions.