Imagine a world where everyone’s accounts are never hacked again, yet they never have to use passwords. A world where everyone’s accounts are not only much more secure but password-free, and easy enough to use that even your grandparents – among the most frequent targets of identity theft – can use it. This world may soon be a reality. New protocols are rolling out across the web that are aimed at giving people stronger – yet easier – protection from the growing threat of identity theft.
Passwords are the problem
Rampant and expensive identity theft is generally caused by one problem – our current methods of identity protection just aren’t that safe. Passwords can be hacked, cell phones can be stolen, and security questions can be easily guessed. What’s more, password databases can be hacked or leaked, which gives identity thieves access to millions of passwords from a single hack.
Hackers are carrying out widespread and expensive – about $225 per person affected – identity theft because of one glaring problem – our current methods of identity protection just aren’t that safe. Identity thieves can crack passwords, steal cell phones, or easily guess our security questions, which can give them access to millions of accounts with a single hack.
This has allowed hackers to steal the information of billions of people – credit card numbers, bank account information, business email accounts, and information about the details of our personal lives. When an identity thief steals a person’s information, it can wreak havoc on their personal finances and even ruin his or her credit reputation, which can take a significant amount of time to correct. Because the problem is only expected to get worse, people need a better way to protect their information.
Tech companies are working on a solution
Enter the FIDO Alliance, a consortium of some of the world’s leading technology companies that is dedicated to improving security across the internet. Companies like Google, Amazon, and Paypal are working together to develop protocols for services across the web that use a more secure means of logging in than the current password-based ones that are available.
The end goal of the FIDO Alliance is that people have a way of logging into their accounts that is both safe and easy-to-use that is based on a system that is no longer so reliant on using passwords for protection.
FIDO2 and WebAuthn: Password-less logins
A new protocol that is gradually rolling out, called FIDO2, is an attempt to remove the need for our vulnerable password-based system. Instead of relying on passwords, it will rely on hardware-based authentication that will use physical devices paired with advanced encryption and biometrics. These physical devices can include hardware tokens, smartphones, and now Motiv Ring, and are far more secure than simply using a password to protect your information.
One of the most groundbreaking parts of FIDO2 is a new web protocol called WebAuthn (Web Authentication), which has the potential to completely do away with the need for passwords. While it is still in the process of being finalized, it would allow users to log into their accounts using much more secure methods like a PIN or biometric scans of your fingerprint or your face, or for Motiv Ring users, our WalkID™ feature will soon allow them to use the way they walk to verify that they are who they say they are when logging into their accounts.
To allow you to soon take advantage of password-free login, Motiv Ring has officially been named FIDO Certified™ by the FIDO Alliance – among the first FIDO2-certified devices.
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