Level one – use a single password for access to multiple websites
This refers to the use of the same text-based password to gain access to as many as 100 or more different websites. Even worse, people often base their passwords on some form of personal information, which increases the potential fraud risk. As a result, this approach to personal authentication is the least secure of all.
The next three levels aren’t much better.
Level two – use of a unique password for each website
Level three – use of a unique high-quality password for each website
Level four – the use of a password-manager app
Level five – two-factor authentication with text messages(this is where most credit unions are today)
This method may use a password-manager app, or it may start with a manually entered username and password. The next step is receipt of a unique numeric access code delivered via text message. Most credit union members’ authentication practices are at this level or below.
Level six – app-generated authentication codes
This level of two-factor authentication uses a password manager and works because the user receives an access/authentication code generated by an app only the user can access.
Level seven – app-based codeless authentication
This next level of authentication also functions via a password manager and an app. The app generates an authentication request which the user can either approve or deny. No code is sent or exchanged.
Level eight – password-less access
This is a technically sophisticated method but it’s simple to use. Authentication for a given website or transaction stems from a token you get from a trust center on your mobile device or computer.
Level nine – context-aware authentication (available with MemberPass)
This is the highest-level authentication experience. It’s seamless across every channel, or transaction type. It uses industry leading technology including; W3C and FIDO (Fast IDentity Online), biometrics and verifies key identifiers such as; identity, behavior, location, device and channel. This form of identity can’t be hacked, forged, stolen, lost, or misplaced. This is the highest level of authentication experience in the market today for your members.