Identity theft hits 1.1M reports — and authentication fatigue is only getting worse

From passwords to passkeys to a veritable alphabet soup of other options — second-factor authentication (2FA)/one-time passwords (OTP), multi-factor authentication (MFA), single sign-on (SSO), silent network authentication (SNA) — when it comes to a preeminent or even preferred type of identity authentication, there is little consensus among businesses or customers.

What there is agreement on, however, is the necessity of these tools. The FIDO Alliance found that more than half of customers (53%) saw an increase in suspicious messages and online scams in 2024. This was largely driven through SMS, email and phone calls, and was only exacerbated by advancements in AI.

Even at a time when we continue to see staggering increases in fraud and related losses — the Federal Trade Commission received more than 1.1 million reports of identity theft last year alone — businesses must do their best to walk a tightrope between robust security and effortless ...