The International Telecommunications Union, ITU has faulted the use of passwords in building digital financial services, describing it as a faulty foundation. It strongly recommend that digital financial services should be built on authentications far less risky and highly sophisticated than the easily manipulable password authentication. In its standardization work on Identity management architecture and mechanisms released recently, ITU said over three billion usernames and passwords were stolen in 2016, and the number of data breaches in 2017 rose to 44.7 percent, higher than that recorded in 2016.

VANGUARD PG. 23 AND 25