The password problem and the biometric fix
- Password habits may be a main culprit behind why consumer accounts get compromised as over a third of people admit to using weak and repeated passwords across sites.
- Given the vulnerability and inherent friction of passwords, some companies like Mastercard and American Express are moving decidedly in another direction: biometrics.
![The password problem and the biometric fix](https://tearsheet.co/wp-content/uploads/2023/12/Id-like-to-provide-some-more-context-and-new-developments-regarding-the-working-group-that-might-be-of-further-interest.-Ive-mentioned-it-in-a-QA-format-for-clarityx1000.-D-1-Are-there-multipl.png)
Last month Payoneer customers in Argentina were hit with a phishing attack that started from receiving a link for a password reset and resulted in customers losing their funds. A spokesperson from the company said that the attackers were able to target a “limited” number of customers but that the company acted quickly to contain the attack surface.
But passwords leading to account takeovers and loss of funds is a problem Americans can relate to, since 46% report having their password stolen in 2023. Password habits may be a main culprit in why consumer accounts get compromised as 35% of consumers state they use weak passwords and 30% admit to repeatedly using a password across platforms.
Once bad actors are in, customers are likely to lose an array of personal information. 24% of customers report losing their social security number and 25% losing their credit card number in attacks.
![](https://tearsheet.co/wp-content/uploads/2024/02/password-1.png)
Considering that users tend to lose money and personal information, why do consumers use weak passwords or use them repeatedly across platforms?
One answer may be that passwords are a design problem, not just a security one.