Passwords remain a weak point in account security, especially when attackers can buy stolen credentials and exploit recovery workflows. Account takeover has long plagued the industry because usernames and passwords are easy to forget, steal or reuse, letting criminals impersonate a legitimate user.
Passkeys replace usernames, passwords and security questions with device-based cryptography and biometric verification. The private key remains on the user's device, while facial recognition or another biometric unlocks access. Ajit Gaddam, head of fraud, financial crimes and product security at HealthEquity, said this model can shorten login times, improve identity assurance and reduce reliance on recovery workflows that attackers often exploit.
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