Member Content

Onfido: 10 reasons why it’s time to ditch passwords

Let’s face it, none of us love passwords. How many times have you tried logging in to an account only to be faced with the message: that password is incorrect. Research suggests that consumers spend on average 12 days of their lifetime trying to remember and reset passwords.

But passwords aren’t just time-consuming and frustrating. They also pose several security issues. It’s widely acknowledged among security experts that we need more secure ways of protecting our digital identities and online accounts. We’ll examine what this might involve. But first, let’s take a look at why it’s time to ditch passwords for good.

Passwords are out-of-date

The first password is thought to date back to 1961 at the Massachusetts Institute of Technology (MIT). As part of MIT’s Compatible Time-Sharing System, all students were given a secure password to log on to the computer, to ensure that everyone had an equal chance of using it. But students quickly figured out they could hog more computer time by hacking the system and printing out the passwords. It became clear quite quickly that the password approach wasn’t foolproof.

Yet today, we’re still using pretty much the same system that was invented back in the 1960s. We’ve seen a huge amount of digital innovation and transformation over the last 50 odd years. But passwords have hardly changed. What other digital method has stuck around for so long?

Passwords are easy to hack because….

Read the full blog here. Find out more about Onfido here.

Share this Article
Holland Fintech Digital Transformation Paper 2024
Holland Fintech is proud to present the Digital Transformation Paper 2024. This whitepaper, led by the Holland Fintech working group Digital Transformation in collaboration with Accenture, provides valuable insights into the dynamics and key factors influencing successful collaborations between fintechs and incumbents.
Holland Fintech Pavilion at Money 20/20
Money 20/20 – Join our Pavilion! The Holland Fintech Pavilion offers a unique opportunity to connect with a global audience of fintech professionals. Located at the heart of Money 20/20, the pavilion provides a central hub for networking, collaboration, and exposure.
Amsterdam Fintech Week
Amsterdam FinTech Week is back on 2-4 October 2024! Be a sponsor, co-organizer, or just participate in our community events.

How likely are you to recommend Holland FinTech?