80% off respondents said they are likely to evaluate solutions that eliminate the risk and cost of passwords and legacy multi-factor authentication
DENVER, Feb. 23, 2023 (GLOBE NEWSWIRE) — authID [Nasdaq: AUID]a leading provider of secure identity authentication solutions, has released the results of its second annual Fintech Cybersecurity Survey, which assesses cyber professionals’ attitudes and perceptions about identity authentication solutions and reveals insights about current and emerging trends in enterprise security.
With highly valued assets and loads of confidential data, fintechs are often targeted by social engineering scams, phishing attacks and account takeovers that prey on human vulnerabilities. These attacks can cause significant damage to companies’ reputations, positioning, market confidence and ultimately the bottom line.
Despite these vulnerabilities, authID’s research found that many organizations still rely on legacy multi-factor authentication such as OTP (one-time password) and KBA (knowledge-based authentication) that cause significant customer friction and leave organizations vulnerable to cyber-attacks.
While 60% of professionals surveyed said their organizations had not adopted more secure, passwordless solutions, the majority are considering security improvements. 80% indicated they are likely to evaluate solutions that eliminate the risk and cost of passwords and legacy MFA.
Building on the results of last year’s report, authID’s second annual survey allows cyber professionals to track trends in multi-factor authentication methods, new technology readiness and IT usage.
Additional key takeaways from the survey report include:
- Almost a third (29%) of organizations have launched solutions without passwordsup from 22% last year.
- More than 80% of cybersecurity professionals at financial services and technology companies are concerned about the daunting task of protecting both workforce and customer applications from cyber threats.
- Almost 2/3 of fintech organizations still rely on vulnerable, often phished passwords and legacy MFA for their customer and workforce applications – and 15% don’t even use multi-factor authentication.
- 57% of respondents said they expect their level of investment in IT security to increase in 2023.
“As cybersecurity breaches continue to disrupt businesses, understanding where the fintech market is positioned to adopt enhanced security solutions is critical,” said Jeremiah Mason, Chief Product Officer for authID. “This research shows that while more organizations have adopted secure, passwordless authentication, the need and market opportunity to replace legacy MFA remains large.”
authID’s survey found that of the organizations considering legacy MFA alternatives, almost a third (31%) consider facial biometrics—such as authID’s Human Factor Authentication – which provides businesses and consumers with reliable, biometric account access and recovery with cloud biometrics tied to the user’s identity. With authID’s FIDO2-certified, NIST AAL 2-level authentication, users can log in 100% password-free on any modern device.
To learn more about authID or for a demo of Verified 3.2, authID’s Human Factor Authentication platform, visit
Research methodology
authID’s second annual FinTech Cybersecurity Survey included more than 150 fintech professionals and was conducted in person at a major US fintech conference and online in October and November 2022. About one-third of respondents were polled from fintech leaders in person, with the remaining two- one-third are online respondents spanning IT roles in financial services and insurance organizations, based in the US.
About authID
At authID® (Nasdaq: AUID), we are digital identityTM. authID offers secure, mobile, biometric identity products through VerifiedTMan easy to integrate Human Factor Authentication platform. Our suite of self-service biometric proof of identity and authentication solutions eliminate frictionless passwords through consent-based face matching. Powered by sophisticated biometric and artificial intelligence technology, authID strengthens corporate security and trust between businesses, employees and customers with cloud biometrics linked to the user’s identity. For more information, go to www.authid.ai.
Media contact
Peter Curtis
authID.ai
[email protected]
