“Passkeys vs. Security Keys: Which is Right for You?”

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What Is a Passkey?

Passkeys are a new, passwordless method for signing into online accounts, offering a potentially easier and safer alternative to traditional passwords. They utilize public-key cryptography, similar to the encryption used for secure internet browsing and blockchain technology.

Instead of creating a password, you can use a device like a phone or tablet, or a password manager, to generate a passkey. When logging in, you may need to enter your device’s PIN, scan your finger, or scan your face. This process is similar to using autofilled passwords but operates differently behind the scenes.

Each passkey consists of a pair of private and public keys. Your device authenticates your identity using the private key, which remains unknown to the other party, unlike passwords.

What Benefits Do Passkeys Offer?

Passkeys provide several advantages:

• No need to remember passkeys: You don’t have to choose or remember passkeys, eliminating the risk of forgetting them or dealing with complex password requirements.
• Enhanced security: Companies never have access to your private key, reducing the risk of passkey theft during data breaches.
• Ease of use: Depending on your setup, you can access accounts using the same PIN or biometrics used to unlock your device. Password managers can also facilitate one-click sign-ins.
• Single or multi-device options: Services like iCloud Keychain and Google Password Manager can store and sync passkeys across devices. You can also create non-shareable passkeys for added security.
• Phishing prevention: Passkeys are unique to each website, making them ineffective on phishing sites.

While passkeys are relatively new and may not be supported by all services, they are widely regarded as a safer alternative to password-based authentication.

What Is a Security Key?

A security key is a physical device, often resembling a small USB stick, used to secure accounts. These keys may include fingerprint scanners and near-field communication (NFC) capabilities.

Security keys are commonly used with passwords for multifactor authentication (MFA). Typically, your username and password serve as the first factor, while the security key or your phone acts as the second factor.

To use a security key, you must register it with the account you want to secure. When logging in, you may need to insert the key into your computer and tap it or use it to scan your finger. For mobile devices, you might need to insert or hold the security key near your phone.

What Benefits Do Security Keys Offer?

Security keys offer several security benefits:

• Increased security: Security keys are more secure than some forms of MFA, as they require physical possession and access to the key.
• Phishing prevention: Security keys are registered to your accounts and won’t work with phishing websites.
• Passwordless authentication: Some security keys support passwordless logins, though this is more common in workplace settings.

While security keys provide enhanced security, they only work with websites that support MFA and security keys. Yubico, a popular security key manufacturer, offers a directory of compatible sites.

Passkeys vs. Security Keys

Passkeys and security keys are not mutually exclusive. You can use passkeys for some accounts and MFA with security keys for others. You can even store passkeys on a security key. Here are some key considerations:

• Cost: Passkeys are free to create and use, while security keys can cost between $25 and $85 each. It’s advisable to have at least two security keys in case one is lost or damaged.
• Learning curve: Both passkeys and security keys require some initial setup and research. The exact process varies depending on the password manager, devices, operating systems, or security keys you use.
• Convenience: Passkeys may not require significant changes to your usual processes, especially if you already use a password manager. Security keys can be convenient if left plugged into your computer but may be less so if you need to carry them around.

Monitoring Your Identity and Credit for Changes

Securing your online accounts is crucial for protecting yourself from hackers and scammers. Even if you’re not ready to switch to passkeys or buy a security key, consider using a password manager to create strong, unique passwords for all your accounts.

Additionally, you can sign up for free credit monitoring to receive alerts if someone tries to open a new credit account using your personal information. For more robust identity protection, consider services like Experian IdentityWorks℠ Premium and Family, which offer a seven-day free trial.

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