As cybercriminals increasingly exploit vulnerabilities in multifactor authentication (MFA), passkeys are emerging as a promising alternative for securing online accounts. The FBI recently warned that even accounts protected by MFA are at risk, particularly through cookie theft, which allows attackers to bypass traditional login methods.
Passkeys, which link user credentials to device security, are gaining popularity, with awareness rising from 39% in 2022 to 57% in 2024, according to the FIDO Alliance. This technology simplifies the login process while enhancing security, as unauthorized access becomes nearly impossible without control over a secure device.
Despite the ongoing reliance on passwords, their usage is declining as alternatives like passkeys become more accessible. The FIDO report highlights that 42% of consumers have abandoned purchases due to forgotten passwords, emphasizing the need for more user-friendly security solutions. Moreover, the rise of AI-driven scams has heightened consumer awareness of online security threats.
In a bid to enhance enterprise security, the FIDO Alliance is introducing new specifications to facilitate the transfer of passkeys between different password managers, addressing vendor lock-in issues. This move is expected to bolster passkey adoption, pushing organizations towards a more secure future without being tethered to outdated password systems.