Banks turning to ‘biometrics’ to prevent identity theft

mobile banking technology

PROVIDENCE, R.I. (WPRI) — Passwords are meant to keep hackers out of your various accounts, but with identity theft being an ever-present problem, some banks are instead using something much more personal.

In an effort to keep accounts more secure, the companies are turning to cutting-edge technology known as biometrics, which includes voice activation, fingerprint verification and facial recognition.

“There’s the bio component, that’s biology, and metrics, that’s the measurement, so it’s using the measurement of our unique characteristics to distinguish one person from another,” explained biometrics expert Todd Mozer.

This new type of security is booming – and it’s starting to be used for more than just mobile banking.

“They’re better than what we have now,” said Claes Bell of Bankrate. “It’s much more convenient to provide a physical trait that can’t be impersonated easily, such as your voice and facial features.”

Call 12 for Action asked around, and learned that Wells Fargo, JP Morgan Chase, American Express, VISA and MasterCard are all experimenting with voice and facial recognition, and some now offer a form of biometric log-in for their customers.

Eastern Bank is also offering the call-in voice verification for customer service.

 

 

Article source: http://wpri.com/2015/09/29/banks-turning-to-biometrics-to-prevent-identity-theft/

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