Passwords are falling out of fashion with younger generations around the world, as passkeys provide faster and more secure login without the hassle of remembering, new research has claimed.
New data from FIDO Alliance shows passkey awareness has risen from 39% familiarity in 2022, to 57% in 2024.
Moreover, businesses are missing out on revenue from younger generations, with 50% of people aged 25-34 abandoning at least one purchase per month because they had forgotten their password.
Youngsters want authentication alternatives
Recent findings from Google claim passkeys are four times simpler to use than passwords, making them highly attractive for youngsters looking to log in rapidly or make a quick purchase. Passkeys are also phishing resistant, as they are stored on a local device such as a phone, which means that an account secured with a passkey cannot be accessed by a hacker without that device. They would also need the authenticator app you use, as well as your chosen method of verification, such as a fingerprint or facial scan.
Forgetting a password can quickly ruin an online experience, with over half (56%) of those surveyed by FIDO Alliance giving up using an online service because they had forgotten a password, with the number rising to two thirds (66%) for those below the age of 35.
Password managers are already taking some of the sting out of constantly having to remember passwords, but that doesn’t mean their usage isn’t declining. In fact, password usage decreased daily in 2023 with biometric authentication now ranking as the most popular login method.
China and India are leading the passkey revolution, with adoption rates at 80% and 73% respectively, while the UK ranks third at 66%. The research also indicates that tech savvy youngsters are becoming more aware of the cyber threats that affect them personally, with 54% of 18-24 year olds and 61% of 25-34 year olds seeing scams and suspicious messages getting smarter and more targeted.
“Consumer expectations are changing, and this data should serve as a clear call to action for brands and organizations still relying on outdated password systems," noted Andrew Shikiar, CEO at FIDO Alliance.
"Consumers are actively seeking out and prefer passwordless alternatives when available, and brands that fail to adapt are losing patience, money, and loyalty – especially among younger generations.”
“When consumers know about passkeys, they use them. Excitingly, 20% of the world’s top 100 websites and services already support passkeys. As the industry accelerates its efforts toward education and making deployment as simple as possible, we urge more brands to work with us to make passkeys available for consumers. The pace of passkey deployment and usage is set to accelerate even more in the next twelve months, and we are eager to help brands and consumers alike make the shift,” Shikiar concluded.
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