Although many Filipinos still retain traditional passwords that were deemed unsafe during online banking transactions, they were also accessible to biometrics to protect themselves from fraud. Silicon Valley-based analytics software company FICO said on Monday.
Citing the results of its latest consumer digital banking survey, FICO said in a statement.
“A large percentage of Filipinos do not take the required precautions to secure their online banking passwords and logins.”
The study found that only 53% use different passwords to access multiple accounts; 18% have two to five passwords that they reuse across accounts; a remarkable 14% use a single password for all accounts.
In addition, 15 percent of respondents use an encrypted password manager. In other words, many find the best practice.
Meanwhile, 29 percent use risky password retrieval methods. For instance, writing down passwords in a journal.
Remembering the Passwords are Difficult for Many Filipinos
The survey also found out the many Filipinos had a difficult time remembering their passwords, FICO said.
“Nearly a third of respondents (32%) indicated that they had abandoned an online purchase because they had forgotten the login details and 30% said they were unable to verify the account balance.”
In addition, the forgotten usernames and passwords also affected new account openings, with 18% reporting that they had stopped doing so with an established provider.”
In order to avoid online fraud and scams as well as protect their bank accounts, FICO said Filipinos had “begun to embrace biometrics more, with the study revealing that 72 percent are now happy to provide their bank with this knowledge.”
“Preserving itself from online scams and fraud is very critical for consumers. Filipinos understand that usernames and passwords are old technology. With just 43 percent able to use them when logging into mobile banking applications.”
They re pleased and able to follow additional biometrics to protect their accounts. Financial institutions in the Philippines are as trustworthy market leaders who can implement more reliable authentication technologies, “Bose added.
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