September 16, 2015
For years, passwords have been the most widely used tools to protect data and systems. As technology has evolved to a greater extent in recent times, it has been found that passwords can be easily broken. System security professionals agree to the fact that passwords are too weak an authentication technique.
Financial Institutions have been considering multifactor biometrics such as fingerprint, voice, retina, heartbeat and facial biometrics for authentication. Bank of America has introduced fingerprint and Touch ID sign-in for its mobile banking apps. With this feature, customers can put their fingerprint scans as a passcode for their mobile banking app.
We continue to deliver enhancements that provide our customers a more seamless and secure banking experience, said Michelle Moore, Head of Digital Banking at Bank of America. This is another example of how we are helping our mobile and online banking users simplify their financial lives.
The new authentication facility will be available for Android, iPhone and iPad customers. The main aim behind this new authentication facility is to provide its customers with secure and convenient banking. This new feature from banks will remove the need of any passcode from users. The technology supporting fingerprint sign-in was built according to FIDO (Fast IDentity Online) standards.
Apart from launching this new biometric authentication, Bank of America also launched the Apple Watch mobile app and also set up a new security center for more than 31 million active digital banking customers. The new security center will offer mobile and online banking customers more tools to securely manage their finances, including additional options for signing into and monitoring activity on their accounts.
It is important for financial institutions and payment companies to mitigate fraud risk, enhance security and build trust; this new security technique from Bank of America is a step towards achieving the same.
About Bank of America:
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management, and other financial and risk management products & services. The company provides unmatched convenience in the United States, serving approximately 48 million consumers and small business relationships with approximately 4,800 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with 31 million active users and more than 18 million mobile users. For more information, click here.