Passwordless authentication enhances business cybersecurity by reducing data and identity theft, surpassing password-based methods in unauthorized access prevention. Also, passwordless authentication cost is more efficient compared to password authentication. If you want to know more about passwordless authentication and its implementation, here is a review:
Benefits of Passwordless Authentication
Passwordless authentication benefits are numerous and substantial. Moreover, passwordless authentication has become the preferred method for online security for a variety of reasons, including greater security, improved user experience, and easier account management:
1. Cost Efficient Solution
In terms of direct financial and indirect operational expenses, passwordless authentication cost more efficiently if you compare it with password authentication. Companies can save money by not investing in password management software since their IT team no longer has to handle passwords.
Then, your company doesn't need to carry out security training on the best way to design and store passwords, which often costs a lot of money. Furthermore, your IT team is relieved of the responsibility of implementing company-wide password regulations, replacing lost or misplaced login credentials, and monitoring inappropriate password sharing.
If your company has implemented a passwordless authentication solution, it is estimated that the company can save around USD 1.9 million. So, over time, passwordless authentication cost reduction your security cost.
As you know, passwordless cost is more efficient and this method also surpasses traditional password-based methods in terms of reliability and security. This is because traditional passwords are vulnerable to various threats, such as phishing, brute force attacks, and password reuse.
Meanwhile, passwordless authentication eliminates this risk by using advanced authentication factors, such as biometrics or cryptographic keys. Biometric verification, such as fingerprints or facial recognition, offers a higher level of security because it relies on unique physical characteristics that are difficult to imitate.
This not only increases protection against unauthorized access but also simplifies the user experience by eliminating the need for password management. Then, passwordless authentication reduces human error, reducing problems such as forgotten passwords and frequent resets.
Its efficiency lies in its adaptability to modern technologies, ensuring a faster, more user-friendly, and secure authentication process. By eliminating reliance on static credentials, passwordless authentication stands out as a reliable and robust solution, providing enhanced security measures and a seamless user experience.
3. Fast & User Friendly
Passwordless authentication stands out for its speed and user-friendliness, offering a smooth and efficient user experience. For example, modern users must remember many passwords for various accounts, which leads to forgetfulness and frequent password resets.
Then, passwordless authentication solves this problem by allowing users to authenticate via various methods, such as biometrics or email. That way, passwordless authentication not only simplifies login but improves the overall user experience by eliminating the need for users to remember and enter complex passwords making the authentication process faster.
Passwordless authentication significantly reduces the potential for human error, such as forgotten passwords or typos when attempting to log in, thereby simplifying the overall authentication flow. This approach is in line with the increasing emphasis on user convenience and increasing the accessibility of digital services.
In the long term, passwordless authentication cost will decrease compared to password-related support costs. However, it does not end there because passwordless authentication is also more secure.
This is because commonly used passwords today are not a strong barrier to attackers. For example, in one company, many employees use the same password for several applications.
If one of these passwords is breached, leaked, or stolen, cyber attackers will likely gain access to multiple accounts, financial data, and even client data. At worst, they can also commit financial fraud, spy on internal messages, or gain access to an organization's network.
Passwordless authentication eliminates user passwords and immediately offers protection against two of the most dangerous and common cyberattacks: phishing and password theft. Even if an employee receives a phishing email or text message, no credentials can be provided.
Brute force attacks are also no longer possible because there are no username and password pairs that can be stolen. It is also difficult to build a fake OTP, unique URL, push notification, or fingerprint to authenticate. So, passwordless authentication methods implemented on your organization's apps, office gadgets, and websites will significantly improve your security posture.
You now understand that deploying passwordless authentication offers several benefits for your company. To prove that passwordless authentication cost are less expensive, safer, faster & user friendly, and more reliable, you can read the following banking case studies:
Mandiri Livin' Save Money by Fazpass Passwordless Authentication
One of the banks that implements seamless authentication is Mandiri, through its flagship application: Living Mandiri. Moreover, Living Mandiri uses Fazpass for seamless authentication, which is a simpler process and benefits users and companies.
For example, if the old version of Living Mandiri needed three steps to log in, this procedure may now be reduced to two steps with Living Mandiri and Fazpass. Also, the login process is added with fraud detection with telephone numbers and trusted device keys so that it is safer.
Furthermore, the current version's login procedure may identify fraud or loss of mobile phone number, provides self-revoke access, and makes it easy for users to check whether they wish to switch devices without going to an ATM.
The flow of cash withdrawals can also be more seamless with push notifications to the application with trusted devices. So, you don't need to worry about card skimming, and you no longer need soft tokens and hard tokens.
Save Money, Time, and Headaches with Fazpass Seamless Authentication
Does your application still use SMS or WhatsApp OTP? Both methods have many risks, such as complicated transaction validation, OTP problems when logging in, and even forgetting the password.
If you want to solve the OTP problem, you can convert OTP verification to Fazpass Seamless Verification. By applying seamless authentication, you will save more costs because you only pay per MAU and have a single rate for all countries.
Fazpass seamless authentication is also reliable, fast & user friendly, high verification rate, and high security with device verification. Moreover, some of the Fazpass seamless authentication features are:
- Seamless authentication: you can experience the power of seamless authentication that is safe, comfortable, and stress-free.
- Fraud prevention: it is a fraud prevention solution that protects your business and customers from online threats.
- Auto optimize: authentication services are automatic even while you sleep.
- Biometric identification: you can add plug-and-play biometric integration for identification biometrics.
- Fide alliance standard: this is an authentication standard that can help reduce over-reliance on passwords.
- Multilayer security: there is an end-to-end security layer with several additional layers of security.
So, passwordless authentication cost is indeed more efficient, this method also enhances business cybersecurity, reliability, speed, and user-friendliness. It eliminates common security risks, and case studies, like Living Mandiri, validate its benefits, emphasizing Fazpass as a seamless, secure solution with various features.
The Next Level Protection: Fazpass Seamless Authentication!
In a rapidly evolving digital landscape, it's essential to question the safety of OTPs. Fazpass offers a robust, convenient, and budget-friendly alternative that's changing the game. With a track record of 99.9% uptime dating back to 2016, Fazpass has solidified its reputation for reliability. But it doesn't stop there; Fazpass is committed to constant innovation, ensuring its services continually adapt to meet all your authentication needs.
By choosing Fazpass, you can effortlessly manage all your authentication requirements in one user-friendly platform, providing a seamless and secure experience without straining your budget. What sets Fazpass apart is its alignment with FIDO standards, which are designed to elevate online security by introducing more resilient authentication methods that protect against phishing and other cyber threats.
Say farewell to the vulnerabilities associated with OTPs and safeguard your online accounts with Fazpass Passwordless Authentication!