Mobile phones already do not require a password - and soon most technology may not either. Unsplash / Dan Nelson
Mobile phones already do not require a password - and soon most technology may not either. Unsplash / Dan Nelson
Mobile phones already do not require a password - and soon most technology may not either. Unsplash / Dan Nelson
Mobile phones already do not require a password - and soon most technology may not either. Unsplash / Dan Nelson

Is the end of online passwords upon us?


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Unlocking our smartphone’s home screen is designed to be easy. Given the number of times we do it every day — somewhere above 60, on average — we can be thankful that the process is simple.

We might use a fingerprint, or Face ID, or draw a pattern, or type in a PIN, and we’re in. But what if every website and app we use worked this way? What if we could bin our passwords; forget the tests we’re forced to take to prove that we're not robots; and say goodbye to texted confirmation codes and access our accounts securely, safely and easily?

That’s the idea behind Fido2, an emerging system which lets us use that same mobile unlocking procedure to identify ourselves to online services. Rather appropriately, Fido stands for Fast Identity Online, and its aim is clear: to relieve us from the burden of having to think up passwords, remember them and keep them safe from prying eyes, while also reducing the incidence of fraud, scams and cyber crime.

People that I seriously trust in cryptography say that this is secure, and I'm not going to argue with them
Per Thorsheim,
founder of PasswordsCon

At the beginning of this month, Fido received a huge boost when Microsoft, Google and Apple put out a joint press release giving it their wholehearted backing, promising “consistent, secure and easy passwordless sign-ins to consumers across devices and platforms".

Over the course of the year, all three companies will be rolling out enhanced capabilities for Fido2. Some online services already employ it, but they require the user to type in their existing password to set it up, which somewhat defeats the object.

Soon, however, we will be able to sign into participating services automatically by choosing a Fido2 login option on screen and authenticating on a mobile device with a PIN, fingerprint or face. If we want to sign in on a nearby desktop computer, we can still use that mobile device to authenticate. No passwords are needed at any point.

“This announcement [from Microsoft, Google and Apple] is a very big thing,” says Per Thorsheim, founder of PasswordsCon, an international conference dedicated to digital authentication. “We have seen so many different attempts at getting rid of passwords, but with Fido2 the usability improves a lot, and it’ll be built into laptops, modern computers, tablets and phones. The general public will finally have access to it.”

It may take a couple of generations before people come round to the idea of a world without passwords. PA Wire
It may take a couple of generations before people come round to the idea of a world without passwords. PA Wire

You rarely see Microsoft, Apple and Google speak as one, but their desire to kill off the password is evidently strong enough for them to work together to help to achieve it.

The simplicity of using Fido2 belies the complex cryptography which enables it to work, but crucially, no personal information is transmitted; the website simply knows that it's you, and Thorsheim is emphatic that it’s safe. “People that I seriously trust in cryptography say that this is secure, and I'm not going to argue with them. It’s proven. I hate to say it, but any weakness in the system is down to people. Us.”

It’s clear that moving to a passwordless world will create an even greater dependence on mobile devices, and the first question that tends to be asked of the proposal is: 'What if I lose my phone? Or it’s stolen?'. Both Google and Apple have indicated that the secret passkey which enables the Fido2 magic to happen could be retrieved from the Cloud and moved to a new device, but there is clearly no perfect system; humans are fallible and other humans are eager to exploit that fallibility.

Evidently the onus will be on us, the end users, to recognise and understand the enhanced role that mobile devices will play in a passwordless world. And that may not be easy for certain parts of society, according to Thorsheim. “I know my mum is going to ask me ‘Where's the password? Where's the PIN? Where is the secret thing that only I’m supposed to know?’,” he says. “I have no doubt that some people will perceive it as less secure because there isn't a password, and I’ve no idea how much time will have to be spent to try to convince them of [its safety].”

While advances in technology often happen at lightning speed, personal security is a very human issue which moves much more slowly. Andrew Shikiar, the executive director of the Fido Alliance, has said that he expects 90 per cent of the major online services to offer passwordless access by 2025.

Thorsheim, however, is more cautious. “I think Fido2 looks and feels really good, but I still say that passwords are going to be here for the foreseeable future,” he says. “It's going to take one, if not two, generations before we eventually see something like Fido2 get widespread adoption.”

So it seems that we may have to hang on to our much-used passwords for just a little longer. But while we do, let’s make sure they’re not “123456” (or, perish the thought, “password”).

MATCH INFO

Euro 2020 qualifier

Norway v Spain, Saturday, 10.45pm, UAE

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
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Arsenal's pre-season fixtures

Thursday Beat Sydney 2-0 in Sydney

Saturday v Western Sydney Wanderers in Sydney

Wednesday v Bayern Munich in Shanghai

July 22 v Chelsea in Beijing

July 29 v Benfica in London

July 30 v Sevilla in London

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Updated: May 11, 2022, 1:29 PM