The United States has been witnessing a big wave of data hacks and data breaches. In light of this issue, Bank of America has now decided to add an additional layer of authentication to its online banking services.
Bank of America announced on Monday that it is teaming up with Intel to add biometric authentication to its online platform for PC users. Intel’s Online Connect technology will make its debut on Bank of America’s online banking platform early next year. This will enable customers to log in with a fingerprint. The technology, available on later-generation Intel Core processors, stores the biometric data only on the user’s device and not on a public server or cloud, thus ensuring data safety.
Bank of America also said that customers with the new iPhone X will be able to authenticate themselves with the handset’s Face ID, and that it is also investigating Samsung’s iris scanner.
“As online and mobile banking usage continues to grow, we’re focused on implementing the latest technologies that will give our customers the best possible user experience,” says Michelle Moore, head of digital banking for Bank of America. “Biometrics can help us achieve that goal, and we’re excited to work with Intel to bring added convenience to our more than 34 million digital banking customers.”
Cybersecurity is getting serious attention from U.S. companies as concerns rise among financial market participants and regulators about the risks posed by cyberattacks. The financial services industry is among the most vulnerable to cyber crime because of the massive amount of money and valuable data that banks, brokerages and investment firms process each day.
Bank of America itself has earmarked about $600 million this year toward information security, Cathy Bessant, its chief operations and technology officer, told CNBC earlier this month.