Mar 31, 2021 4:00 AM PT
Online businesses are losing potential customers and substantial amounts of revenue because they're dependent on traditional password systems and outdated customer authentication models, says a report released Tuesday by an access and identity management company.
Lost customers and revenues are caused by password sharing and friction created at websites by onerous authentication procedures, according to the report by Transmit Security derived from a survey of 600 U.S-based consumers 18 to 54 years old.
The survey found that half of the responding consumers admitted sharing a password to at least one of their accounts; and 41 percent acknowledged they share their passwords often.