Passwords are a thing of the past: GenAI calls for new methods of digital security

Passwords may seem like a relatively recent phenomenon of the internet age, but the first digital password dates back to 1961. Other notable events that year included Soviet cosmonaut Yuri Gagarin becoming the first person to orbit the Earth, construction of the Berlin Wall in East Germany beginning, and the Beatles playing their first ever show at Liverpool’s Cavern Club. The world has come a long way since 1961. And yet, after more than half a century of technological and societal advances, the humble password remains our go-to, frontline defense against cybercriminals.

Passwords have never been a particularly reliable defense against family, nosy coworkers, or—least of all—ambitious fraudsters. But the advent of readily available, easy-to-use artificial intelligence (AI) tools has rendered the digital password as we know it virtually obsolete. While it was created to accelerate creativity and innovation, generative AI also allows bad actors to bypass password-based security and use social engineering (via deepfake videos, voice cloning, and incredibly personalized scams) to gain access to our digital bank accounts.