Americans increase trust in security alternatives, 78 percent of Americans happy to have bank analyze behavioral biometrics
FICO, a global leader in financial crime prevention, released its Consumer Digital Banking study that found a large percentage of Americans currently do not take the necessary steps to protect their passwords and logins online. As consumers reliance on online services grows in response to COVID-19, the study examined the steps Americans are taking to protect their financial information online, as well as attitudes towards increased digital services and alternative security options such as behavioral biometrics.
Read More: Healthfully and Paya Deliver Expanded Patient Care and Payments Through New Partnership
The study found that a large percentage of Americans are not taking the necessary precautions to secure their information online. For example, only 42 percent are using separate passwords to access multiple accounts; 17 percent of respondents have between two to five passwords they reuse across accounts; and 4 percent use a single password across all accounts. Additionally, less than a quarter (23 percent) of respondents use an encrypted password manager which many consider best practice; 30 percent are using high risk strategies such as writing their passwords down in a notebook.
Read More: WorldRemit Partners with Wizall Money to Launch its First Mobile Money Transfer Service to Senegal
“We’re seeing more cyber criminals targeting consumers with COVID-19 related phishing and social engineering,” said Liz Lasher, vice president of fraud portfolio marketing at FICO. “Because of the current situation, many consumers are only able to access their finances digitally, so it’s vital to remain vigilant against such scams and take the right precautions to protect themselves digitally.”
The study shows that consumers struggle with maintaining their current passwords as 28 percent reported abandoning an online purchase because they forgot login information, and 26 percent reported being unable to check an account balance. Forgotten usernames and passwords even affect new account openings, 13 percent said that it has stopped them from opening a new account with an existing provider.
Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits
