June 19, 2017 — When customers forget their passwords, business suffers
Ryan Wilk, VP at NuData, comments on the reason why people forget their passwords and how this impacts the business’ bottom line in this Pocono Record article.
A lot of money goes unspent in the online world for a simple reason: Shoppers can’t remember their passwords.
The average person is registered to 90 online accounts requiring passwords, and the number keeps growing. Few people remember so many passwords.
“About a third of online purchases are abandoned at checkout because consumers cannot remember their passwords,” a study conducted jointly by MasterCard and the University of Oxford says this week.
Experts in electronic commerce say major online vendors stand to lose a lot of shoppers if they don’t take corrective action.
“They are variations of passwords they’ve used for many years. They keep changing the number (at the end) of the password from 1 to 2 to 3 to 4, or move through different special characters,” said Ryan Wilk, vice president of customer success at NuData Security, a Vancouver firm that helps companies identify online users based on passive biometrics and behavioral analytics.
“Quite often, people will use the same variation of a similar password across the board and will modify that password’s strength based on the requirements of a site,” Wilk said.
“Twenty-one percent of users forget passwords after 2 weeks, and 25 percent forget one password at least once a day,” the study found.
When online shoppers get into the digital checkout funnel of an e-commerce site but then give up because of a roadblock, it is called “cart abandonment.”
For the complete article, go here.