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Transmit Security launches BindID to replace passwords with biometric authentication

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Roughly 80% of data breaches globally are tied to weak or stolen passwords, according to the World Economic Forum, and they contribute to the $2.9 million cybercrime costs the global economy every minute. Moreover, with anywhere between 20% and 50% of all help desk calls reportedly related to password resets, it’s easy to see why there has been a growing push to eliminate passwords altogether.

Against this backdrop, identity and access management startup Transmit Security is launching a new product that could play a role in the burgeoning “passwordless” security landscape. The Boston-based company today unveiled BindID, an “app-less mobile authenticator” software makers can use to authenticate users by leveraging the same biometrics (i.e. face or