It is estimated that 50 percent of customer support costs in global companies are attributed to requests for resetting forgotten or lost passwords, leading large companies to spend over a million dollars annually on such support. The World Economic Forum has concluded that the next major step towards reliable digital transformation is to shift towards user authentication without traditional passwords and PINs.
In a draft for safer authentication issued in collaboration with FIDO Alliance, it is explained that there are numerous technologies that can replace outdated passwords, which are primarily based on the use of uppercase and lowercase letters and numbers.
In recent years, they have stated that to identify their users, they utilize authentication through biometric technology and facial recognition, further strengthened by security hardware keys, QR codes, identification through user behavior analysis, and passwords that are not based on so-called knowledge-based authentication, i.e., PINs, passwords, and phrases that the user must remember to register on a site. They say that each of the newer authentication technologies has its advantages and disadvantages, and it is up to each organization to decide which best suits the development of its relationships with users.
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