Customers are dropping out of transaction processes - or failing to use a site at all - due to overly complicated, and oftentimes error-ridden password systems,” says Transmit Security CEO and Co-Founder Mickey Boodaei. “The number of consumers getting blocked from their online accounts because of poor password experiences is staggering. And 64.5% will abandon the site if they are simply asked to create a username and login. Transmit Security’s data shows that 66% of users will leave a website if the registration process is too complex. In fact, for most customers the problems with passwords begin long before a failure. Worse, 92% of users will leave a website instead of recovering or resetting their login credentials. Transmit Security’s report revealed 55% of consumers have stopped using a website because the login process was too complex, and that 87.5% of consumers have found themselves locked out of an online account after too many failed login attempts. Traditional passwords also significantly impact customer experiences. Not only does password-sharing pose a severe security risk, it impacts businesses in a number of ways, from the amount of revenue they’re able to generate to their ability to monitor usage and personalize services. More than 50% of the survey participants admit they have shared a password to, at least, one of their online accounts with someone else and 41% say they share their passwords often. The report also underscores the challenges connected to password-sharing habits. According to the report findings, organizations are losing potential customers and a substantial amount of revenue due to their dependency on traditional password systems and outdated customer authentication models. Retrieved 12 January 2022.TEL AVIV, Israel & BOSTON-( BUSINESS WIRE)- Transmit Security, the Identity Experience™ company, has released “The Impact of Passwords on Your Business,” a State of Customer Authentication report that includes customer experience insights based on its survey of 600 U.S. ^ "Massachusetts tech unicorns: Transmit Security raises $543M, hits $1B valuation".^ "Transmit Security raises $543M Series A to kill off the password".^ "Transmit Security Raises $543 Million for Password-Free Future"."Biometrics, digital ID alliances joined by Princeton Identity, Idemia, ATB Ventures, Transmit Security | Biometric Update". ^ Mascellino, Aless (10 February 2021).^ "Transmit Security Joins FIDO Alliance Board - Transmit Security Blog". ^ "2020 Technology Fast 500 Rankings" (PDF)."Opening new doors: Why IBM spent $1bn on security firm Trusteer". "The start-ups trying to kill the password". "Transmit Security Raises $543 Million, The Largest Series A Funding Round In Cybersecurity History". ^ "Cool Vendors in Identity and Access Management".^ "New comer Transmit Security wants to simplify biometric authentication".^ "Transmit Security launches BindID to replace passwords with biometric authentication".Additional offices are located in London, Berlin, Tokyo, Hong Kong, Madrid, Sao Paulo, and Mexico City. Its North American headquarters is in Boston, Massachusetts. Transmit Security’s main headquarters is located in Tel Aviv, Israel. In September 2021, Citi Ventures and Goldman Sachs Asset Management joined as investors. Primary investors included Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures. It was reported to be the largest Series A in cybersecurity history. In June 2021, Transmit Security completed its Series A funding round by raising $543 million from investors. In February 2021, Transmit Security joined the FIDO Alliance Board. In November 2020, Transmit Security ranked 5th on Deloitte's " North America Technology Fast 500", a list of the fastest-growing tech companies in North America. Boodaei and Loonkar previously founded Trusteer in 2006, which was acquired by IBM in 2013 for $1 billion. Transmit Security was co-founded in 2014 by Mickey Boodaei and Rakesh Loonkar. Transmit Security is a FIDO Alliance Board member. In June 2021, the company completed a Series A funding round by raising $543 million, which was reported to be the largest Series A in cybersecurity history. Founded by Mickey Boodaei and Rakesh Loonkar in 2014, Transmit Security provides companies with customer authentication, identity orchestration, and workforce identity management services. Transmit Security is a private cybersecurity and identity and access management company based in Tel Aviv, Israel and Boston, Massachusetts.
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