Financial institutions are offering new options to traditional passwords to enhance security and sign-in experiences — and clients are opting in. 

The global cost of fraud and cybercrime is projected to reach $10.5 trillion in 2025, according to a report by the World Economic Forum and data from research firm Cybersecurity Ventures.  

Weak or stolen passwords are part of the issue, according to an April survey by industry association Fido Alliance. The survey of 1,389 adults found 36% of respondents have had at least one account compromised due to a weak or stolen password.  

To combat fraud, consumers are looking to passwordless technology including QR codes and passkeys which lean on digital credentials like biometrics. 

Bank of America’s QR Sign-In technology, on its business banking platform CashPro platform, surpassed 2 million uses this year and posted 60% growth in adoption in the past year, according to a May 20 release.

Launched in 2022, the “CashPro QR Sign-In not only eliminates the need to manually enter in user credentials, but it also takes the user through the mobile authentication flow in a seamless experience,” Jennifer Sanctis, head of CashPro App and personalized technologies in Global Payments Solutions at Bank of America, told Bank Automation News.  

Eliminating passwords

The following FIs and tech providers recently announced they are moving away from passwords:  

• Australia-based ANZ Bank announced that it is leaning into biometric security and passkey technology, according to a May 8 release. 

• Capital One customers can use passkey tech to sign into its website or app, according to the bank.  

• Microsoft announced May 1 its new accounts will be “passwordless by default.” 

Whether FIs are using passkey technology, biometric solutions or QR codes, consumers are leaning in.  

QR Sign-In creates a more secure platform, Sanctis said. “We find that once clients use it, they don’t go back to the old method of typing in a password.”