Passwords are a pain to keep track of and it is well known that consumers use the same password for multiple platforms because none of us can remember multiple complex passwords. When a hacker obtains one password, they can use that password to gain access to multiple accounts.
The nation’s largest banks are well aware of their customers’ shortfalls when it comes to password management, and therefore, some of the larger banks are embracing biometric technology to replace the traditional password for authentication and access to banking information.
Bank of America, JPMorgan Chase, and Wells Fargo customers reportedly use fingerprint scans to log into online banking accounts with their mobile phones. More and more banks will be rolling out biometric technology for authentication in the future, including iris scans for wiring instructions and voice recognition for credit card transactions (instead of “what is your mother’s maiden name?”). USAA is using facial recognition technology to identify their military customers.
The financial services industry is usually ahead of the curve when it comes to data security. Since almost a third of U.S. citizens’ Social Security numbers were exposed in just health care breaches in 2015, biometric technology is the new wave of authentication. We expect to see other industries follow the banking industry and rapidly embrace biometric technology to replace passwords in the very near future. And we thought the movie Minority Report was futuristic and creepy—it’s reality now.