The problem with identity and authentication is nothing new: users are forced to choose between either security or convenience. Generational responses to this vary, but for millennials, convenience—not security—is the key factor in decision-making processes.
A recent survey conducted at South by Southwest found that 96 percent of millennials were interested in having the ability to verify their own identity online to prevent hackers or anyone else from falsely claiming it as their own. However, 83 percent of millennials reportedly valued convenience more than safety, and 60 percent valued time more than money and safety.
Millennials care about speed, ease and convenience—characteristics that common forms of secure authentication (SMS, out of band codes etc) lack entirely. While they may be inclined to verify their identity, they are far less likely to do so if it means compromising their own time. As they enter their prime spending years, millennials put their identity, money, and data at risk by choosing not to adopt strong forms of authentication. As a result, companies stray away from implementing strong forms of authentication for fear of inconveniencing a large portion of their target audience. Far too often, this leads to compromised data and security breaches.
What we have here is a marketer’s dilemma: cater to the user’s desire for a frictionless experience and be left vulnerable to hacking? Or ensure data security by implementing extra and often tedious authentication steps that will likely push users away?
What if you didn’t have to choose?
Privakey offers a revolutionary password replacement that ensures convenience without compromising security. Millennials have the largest mobile and online presence, and Privakey’s simple and safe authentication solution caters directly to their needs. It is easy to implement, and even easier to use. It involves a quick, one-time setup of a 4-digit pin and does not require the use of multiple devices to authenticate. Say good-bye to passwords. Say good-bye to inconvenience. Say hello to Privakey.