Wells Fargo Experiments with Biometrics for Mobile Security
The security scan for CEO Mobile consists of a special token and a PIN for authentication, as well as the standard username and password login. The token and PIN are not required for viewing account information, but they are for sensitive financial actions, like wiring money to another account.
In an interview with Fortune Magazine, Secil Watson, head of wholesale Internet services at Wells Fargo, reported that the bank has been working on biometrics for years.
“Passwords were great for the first fifteen years of the Internet. The next fifteen years we need another solution.”
Biometric technology is already being used for a number of financial platforms, including the Touch ID system associated with Apple Pay. A recent study from USAA showed that 400,000 people had already used the biometrics verification system built into their smartphone app. Surprisingly, a large portion of the users were over the age of 65.
With an estimated 2.6 billion smartphone users worldwide and a predicted growth to 6.1 billion smartphone users by 2020, it is easy to see why new technological innovations are becoming popular in the mobile banking world. As consumers become more reliant on their phones to manage and control their financial accounts, banks will need additional security measures like biometrics to keep their customers protected.