Going Passwordless is amusing. Isn’t it?
Well, the advent of the digital world has led to the emergence of online space for companies. It gained momentum with the inception of the novel Coronavirus in 2020, wherein the wildfire spread of the virus fast-paced the transformation of offline corporations to online.
For a long time, online platforms largely depended on passwords as a form of authentication to identify customers digitally. Passwords, a string of characters, significantly served as a primary authentication method across all platforms. However, they are easy to crack, hack, or intercept and the legacy of password re-usage across multiple platforms can lead to data leaks or other cyber-attacks. Approximately 80% of data breaches result from weak and compromised passwords.
Now, this clearly explains the need for Passwordless Authentication for cloud platforms. FYERS, a reliable and easy-to-use trading platform, has successfully implemented Passwordless Authentication for seamless and hassle-free access to the trading account.
Passwordless Authentication is a form of two-Factor Authentication, swapping the use of traditional and vulnerable passwords with more secure options. Passwordless Authentication use concepts like PIN, biometrics (facial recognition or fingerprint), Single Sign-On (SSO), magic link, and cryptographic digital certificates.
1. Frictionless user experience.
Be it SSO module, TOTP login (Time Based One Time Password), fingerprint scanning, or email verification, the adoption of Passwordless Authentication relieves customers of the necessity to memorize a myriad of passwords. They can now enjoy the flexibility of simple and fast Authentication on websites and mobile applications.
2. Increased Cost-effectiveness.
Passwords require constant care and maintenance. The proliferation of digital transactions has significantly increased the password reset costs for Telcos. According to Forrester, the average labour cost for one password reset is approximately $70. It also substantially increases the cost of Authentication and fraud.
Needless to say, Passwordless Authentication improves cost efficiency by minimizing the cost of password resets and fraud and also enhances productivity.
3. Stronger Security.
User-controlled passwords find room for human error and credential compromise. Such passwords are vulnerable to attacks like phishing, vishing, credential stuffing, spoofed mobile apps and websites mimicking the real ones, brute force attacks, and more.
So, Passwordless Authentication offers a higher level of authentication security as there is no password to hack or intercept.
4. Enhances Reputation.
The adoption of futuristic technology enhances the reputation from both, the regulators and customers. Passwordless Authentication offers a more robust layer of security, and their application builds trust, demonstrates credibility, and enhances the company’s brand value. Establishing a secure brand experience empowers companies to maintain and create long-lasting relationships with clients.
FYERS has upped the level of security and done away with conventional passwords and user requirements.
5. Greater Convenience.
The struggle of remembering numerous passwords is real. With no passwords, customers can authenticate themselves quickly and access data instantly from anywhere on the web.
Customers can seamlessly login to all FYERS platforms using their Client ID or mobile number, authenticate via OTP, and enter the 4-digit PIN to proceed.
Let’s gain a quick understanding of different approaches to Passwordless Authentication.
1. Email-based Authentication.
Under this approach, the user should enter the email address. A magic link or unique code is created and sent to the associated email id of the user. As a user clicks on the link, the server sends an option to verify the code within a specified timeframe. On successful Authentication, the user is allowed to proceed.
2. SMS-based or WhatsApp-based Authentication.
SMS-based or WhatsApp-based authentication is a straightforward and easy-to-implement authentication process. It would require a user to enter a valid contact number. Post this; the server sends a secret code to that number which the user should put in for successful Authentication.
3. Biometric-Based Authentication.
Fingerprint or face recognitions are the types of biometric-based authentication. This approach works well on smartphones, wherein users authenticate themselves by pressing their thumbs on smartphone scanners or using faces to access their accounts.
Digital transformation has accelerated the pace of digital fraud, and it is essential to implement robust access control mechanisms to control them. To foster this, Passwordless Authentication makes logging in easier and involves higher security, making it almost impossible for hackers to commit malicious activities.
FYERS has constantly reiterated the importance of customer security and successfully stepped towards a futuristic technology by implementing Passwordless Authentication across the platform.
Have a secure and frictionless experience with FYERS!