It’s never easy understanding how consumers think. For example, 50% of consumers aged 18 and over have been notified that their passwords have been stolen,i and yet 89% feel secure with their current password creation and management habits.ii Despite the way consumers trust security, businesses and other organizations that must authenticate their identity for payments transactions and other purposes have a responsibility to protect consumers’ assets. This responsibility is especially important for payments stakeholders. Even if consumers are not yet aware of it, passwords are dead as a secure means of authentication. They were clearly vulnerable before 1 billion Yahoo user accounts were hacked, and they are totally unreliable now that the data from those accounts, including passwords, is up for sale by criminals.iii
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