Despite repeated warnings, South African banks continue to rely on passwords for user authentication, as many customers still choose weak passwords. Passkey technology is seen as a possible solution to eliminate passwords and enhance security.
While there is a global push by giant tech companies to eventually eradicate the use of passwords as a means of authenticating users on online services and apps, most South African banks are still far from eliminating passwords. Despite consumers being repeatedly warned to create secure and complex passwords that use a combination of upper case and lower case letters, numbers, and symbols, many still choose basic ones like “123456” or “password”.
For this reason, banks ensure that their customers’ passwords have some level of complexity. However, many still fall prey to tricky social engineering tactics and phishing. One feature that is viewed as a possible step towards getting rid of passwords altogether is the passkey.A passkey is a credential stored on your device — typically a computer or phone — which can be used to unlock online accounts without entering a username or password.Passkey technology could benefit banks as they try to better protect customers who often fall for scam
South African Banks Passwords User Authentication Passkey Technology Security
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