What Is a Passkey?

Passkeys are a new passwordless way to sign in to online accounts that may be easier and safer than passwords. They rely on public-key cryptography, which is similar to the encryption that allows you to browse the internet securely and that’s behind blockchain technology.

Instead of creating a password for your account, you can use a device (such as a phone or tablet) or password manager to create a passkey. When you try to log in to your account using a passkey, you may need to enter your device’s PIN, scan your finger, or scan your face.

What Benefits Do Passkeys Offer?

The new passwordless approach offers many potential improvements:

• You don’t need to choose or remember your passkeys: Unlike passwords, you can’t choose—and don’t have to remember—your passkeys. As a result, you don’t have to worry about losing or forgetting your passwords, and you don’t have to deal with frustrating requirements to create secure passwords with certain characters or lengths.
• Companies don’t know your private key: Other companies never have access to your private key, which also means hackers can’t steal your passkeys during a data breach.
• Signing in might be easier: Depending on how you set up your passkeys, you may be able to access your accounts using the same PIN or biometrics, such as a fingerprint or face scan, that you use to unlock your device.
• They can be single or multi-device: Some services, such as iCloud Keychain and Google Password Manager, can store and sync passkeys between your devices. You may also be able to create passkeys that can’t be shared, which might increase security.
• Passkeys can prevent phishing: Scammers use lookalike phishing websites and social engineering to trick people into sharing personal, account, and financial information. But you don’t know your passkeys and they’re unique to the website that you want to access.

What Is a Security Key?

A security key is a physical device that you can use to help secure your accounts. They often look like small USB sticks and may have a fingerprint scanner and near-field communication (NFC) capabilities.

You can use some security keys to create and store single-device passkeys, but they’re more often used with passwords for multifactor authentication (MFA)—a commonly recommended security measure.

What Benefits Do Security Keys Offer?

Security keys can help keep your accounts safe in several ways:

• They are more secure than other types of authentication: A security key can be a safer option than some forms of MFA. For example, someone might be able to intercept or trick you into sharing a code that’s sent to your email or texted to your phone number. But they need to steal and break into your physical security key before using it to access your accounts.
• Security keys can prevent phishing: Security keys are registered to your accounts and won’t work with lookalike phishing websites.
• They may offer passwordless authentication: Some security keys can be set up to enable passwordless logins. However, this is more commonly used with employees who need access to their work devices and systems than with regular consumer devices.

Passkeys vs. Security Keys

Passkeys and security keys aren’t an either/or option. You can use passkeys with some accounts and MFA via a security key with others. You could even use a security key to store your passkeys. However, if you’re thinking about using either of these options to improve your online security, keep the following in mind:

• Passkeys Are Free—Security Keys Are Not: One clear difference is that passkeys are free to create and use. Although you’ll need to start using a password manager, the free options that come with your device or web browser may support passkeys. Security keys can cost around $25 to $85 each, and you may want to purchase at least two in case one is lost or damaged.
• Both Require a Learning Curve: Setting up and using passkeys or a security key for the first time can require a little research. Although we covered some of the basics, the exact process will vary depending on which password manager, devices, operating systems, or security keys you use. You can look for tutorials and guides online.
• Security Keys Might Be Less Convenient: Passkeys might not require a big shift in your usual processes, especially if you already use a password manager. A security key could also be convenient if you leave it plugged into your computer—assuming you have an empty port available. However, you might also want to carry a security key when you’re away from your computer, and you have to worry about losing or damaging the device.

Monitoring Your Identity and Credit for Changes

Keeping your online accounts secure is an important part of protecting yourself from hackers and scammers. Even if you’re not ready to switch to passkeys or buy a security key—or you have accounts that don’t support either option—consider using a password manager to create strong and unique passwords for all your accounts.

You can also sign up for free credit monitoring to alert you if someone tries to open a new credit account using your personal information. And if you want to try a more robust identity protection plan that can warn you if your information is found on the dark web, there are changes to your financial accounts or someone uses your Social Security number, Experian IdentityWorks℠ Premium and Family have a seven-day free trial if you want to see how they work.

Secure Your Financial Future with O1ne Mortgage

At O1ne Mortgage, we understand the importance of security, not just online but also in your financial endeavors. Whether you’re looking to buy a new home, refinance your current mortgage, or need expert advice on mortgage services, we’re here to help. Our team of experienced professionals is dedicated to providing you with the best service and ensuring your financial security.

Don’t wait to secure your financial future. Call us today at 213-732-3074 for any mortgage service needs. Let O1ne Mortgage be your trusted partner in achieving your homeownership dreams.