Consumers Losing Faith in Account Passwords
The survey found a majority of consumers (68 percent) want companies to provide an extra layer of security to keep their online accounts safe.Seventy percent of consumers lack a high degree of confidence that their passwords can adequately protect their online accounts, and 72 percent are in search of additional help to secure accounts, according to a survey of 2,000 UK and US consumers commissioned by TeleSign and conducted by Lawless Research. Just over 20 percent of consumers use passwords that are over 10 years old, and almost half (47 percent) rely on a password that hasn’t been changed for five years. In addition, 73 percent of online accounts use duplicated passwords – with an average of just six unique passwords being used to protect 24 online accounts. "What really stood out for me was that while the industry repeatedly calls to turn on two-factor authentication each time a security incident breaks in the news, 61 percent of consumers still don’t know what two-factor authentication (2FA) is," TeleSign CEO Steve Jillings told eWEEK. "There’s a clear disconnect between a readily available technology and consumer awareness around it. We’re aiming to bridge that gap with this campaign by providing a single destination where consumers can learn about and turn on 2FA for most popular websites."
The survey findings indicate consumers are eager to learn about online security, with 72 percent welcoming advice on how they can better protect their online accounts.