Bank Of America to add fingerprint and face recognition technology to online and mobile banking
Bank of America Corp has announced that they will be adding additional layers of security, including fingerprint and face recognition technology, to their online and mobile banking services. This announcement comes shortly after a seemingly endless wave of high-profile security breaches among a number of very large U.S. Companies.
Just a month ago one of the largest breaches from cyber criminal shad been announced – the target being credit monitoring firm Equifax Inc who had disclosed that between May and July sensitive data of millions of Americans had been stolen.
With the financial sector being one of the most vulnerable industries not only due to the value of the data but the volume of data that banks, investment firms and point of sales process daily.
To combat this fact, Bank Of America has announced that they are earmarking about $600 million this year towards information security as sold by chief operations and technology officer Cathy Bessant to CNBC earlier this month. It has been confirmed that they will be spending a similar amount for information security for 2018 as well as staffing over 1,200 employees ‘dedicated t that effort’.
Bank Of America has announced they will inforporate Intel Corp’s ONline Connect technology, a system that will enable fingerprint touch payments, to their mobile and online banking systems starting next year ( 2018 ). Bank of America also said Monday that customers with iPhone X, Apple’s lastest smartphone scheduled to be released November of 2018, can use their phones Face ID technology for secure authentication into the banks mobile application.