1027 – The next big thing is coming: Tom talks Password Profiteering

SUMMARY BY CHATGPT

Tom Antion warns listeners about the shift away from traditional passwords toward biometric authentication (fingerprints, facial recognition) and cryptographic passkeys being pushed by big tech companies like Microsoft, Apple, and Google. While these methods may improve security against phishing, they also create serious risks—since you can’t change fingerprints or faces if stolen, and companies storing them will be major hacking targets. The move is driven by profit, with the password industry projected to reach $7 billion by 2030. Tom doesn’t yet have a solution but urges awareness, noting consumers may end up paying more for access while risking their most personal data.

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Episode 1027 – Password Profiteering
[00:00:08] Welcome to Screw the Commute. The entrepreneurial podcast dedicated to getting you out of the car and into the money, with your host, lifelong entrepreneur and multimillionaire, Tom Antion.

[00:00:24] Hey everybody, it's Tom here with episode 1027 of Screw the Commute podcast. Today we're going to talk about password profiteering. What the heck does that mean? Well, you'll find out. And you might not like what you hear here. Hope you didn't miss episode 1026. That's why I love spam. You say? Well, I hate spam. Well, maybe you'll have a little different attitude about it when you hear the things that I say on that episode. Anytime you want to get to a back episode, you go to any episode number. That was 26. 126. Why I love spam. Don't forget to pick up a copy of my automation book at screwthecommute.com/automatefree. And that's version 3.0 is out now, so make sure you update if you got one of the old versions. And check out my mentor program at GreatInternetMarketingtraining.com and my school at IMTCVA.org. The only licensed dedicated internet and digital marketing school in the country, probably the world certified to operate by the State Council of Higher Education in Virginia. But you don't have to be in Virginia because it's distance learning and it's quality distance learning, and it'll save you a couple hundred thousand dollars sending your kids to a four year college. And they get only their education is how to protest. And then there they're competing for jobs at Starbucks when they get out.

[00:01:52] All right, let's get into this. Um, there's a money war going on with traditional passwords. The big tech companies are pushing what they call biometric passwords. That's like fingerprints, facial recognition. Some things I don't even know what they are.

[00:02:12] Cryptographic passkeys and USB tokens, those kinds of things. And Microsoft and Apple and Google are pushing this like crazy. Well, why do you think that is? Well, because it's big, big money. It's estimated that the industry, the password industry, if they get what they want, will be worth $7 billion by 2030. And the subscription based authentication services are all going to get super rich, and you're going to pay, and you might pay in more ways than one, because this can really put a lot of your information at risk. And that's why I don't have an answer for you today on what to do about it, but I'm telling you, it's coming. And Microsoft actually said the password era is ending, you know. So they're all behind this. So there are some pros to this a very few, but there are some besides if you work or if you own one of those authentication companies, you get rich. But most of us won't and don't. But it does give you higher security against like phishing attacks and things like that. But the cons. Oh my goodness. First of all, your fingerprints and facial recognition are going to be on file with a bunch of different companies. Or you're relying on physical devices that can get lost. So here's the thing. That's why old school is sometimes better. You can change your password, right? But you can't change your fingerprints and you can't change your facial recognition. If those companies get hacked. Oh my God. The downside can be enormous. And you don't think they'll be targets if they have all these fingerprints and all these things on file? Like I said, this is short episode.

[00:04:18] I just wanted to alert you to what's coming, and I'm not sure what to do about it yet. I'm sure some people will come out the the people that are anti big tech controlling everything in your life, but it's a, it's an uphill battle to fight those, those entities. So I don't know what to do yet. As soon as I figure something out or here's something that's reasonable I'll let you know. But just watch. It's coming. And it's coming hard because of that big, big money that's involved. And you'll end up paying just to have password ability. I mean, I do actually, because I use Robo Form and some other you know, other people use other like one password in these companies. So I pay a little bit, but they're not risking my, my fingerprints and my facial recognition, that's for sure. So anyway, check that out and check out my school IMTCVA.org. It really, really is something that could save you an enormous amount of money. You and your kids keep them out of debt. Give them a actually big, in-demand, usable skill. And we have people making money before they even graduate. So check it out at IMTCVA.org or give me a call or email at Tom@screwthecommute.com. And there's no high pressure here. I'll just be glad to discuss it with you and what it can do for you. All right, that's my story and I'm sticking to it. We'll catch you on the next episode. See you later.