It's not just Equifax that needs to worry. The incident can and should be a turning point for the financial services industry, a warning that it needs to end its reliance on static personal identifiers.
Consumers who either are tiring of the password overload, or those who understand that passwords are antiquated security, are driving the fair amount of biometric adoption, writes Michael Lynch, chief strategy officer at InAuth.
Passwords are widely distrusted for verifying identity and have been blamed for more than 80% of data breaches, but with biometrics and other approaches not yet ready for broad adoption, many innovators are rushing in to fill the gap.
With this year's iPhone announcement getting closer, more rumors are spreading about how Apple plans to overhaul the way its phones handle payments. Some of these have already been confirmed by Apple; others are leaking in code the company has released.