Compromised usernames and passwords are central to significant data breaches, leading to persistent calls for stronger authentication methods. Traditional additional authentication methods, such as SMS or email one-time passwords, are increasingly viewed as insecure and ineffective. Organizations like the UAE Central Bank and Visa are moving to eliminate weak authentication methods in favor of more robust solutions. The rise of AI-driven threats has accelerated this shift, prompting tech companies within the FIDO Alliance to develop a new passwordless credential system as a more secure alternative.
Compromised usernames and passwords have typically been at the root of many damaging data breaches, highlighting the inadequacy of current authentication methods.
The UAE Central Bank directed financial institutions to eliminate weak authentication methods, recognizing the need for stronger security protocols.
Visa announced a shift away from SMS OTPs as a sole factor for payment authentication, responding to increasing threats from AI-driven fraud.
The FIDO Alliance is developing a new type of passwordless credential, aiming to provide a more secure and user-friendly authentication solution.
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