In an era where data breaches are the norm, Bank of America has confirmed it will begin using an additional layer of authentication for online banking.
The financial services industry is among the sectors most vulnerable to cyber crimes because of the large amounts of money and information that financial institutions like banks and brokerages transact and process each day.
In light of the heightened security climate, the Bank of America Corp has revealed a partnership with technology giant Intel that will see the bank implement Intel Online Connect technology to its online banking account. The biometric solution will enable fingerprint touch payments to its online banking systems in 2018.
Bank of America digital banking chief Michelle Moore stated:
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. 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.
The biometric data is only stored on the user’s device offline, with no support via a public server or cloud to bring added protection to a user’s data.
Intel’s ‘Online Connect’ uses security features built into Windows machines running Intel Core processors with fingerprint scanners. The security feature relies on system-based overarching authentication that automatically reads a user’s finger-scanned credentials once two-factor security is enabled on websites like Bank of America at some point in 2018.
The two companies will preview the technology at this week’s Money 20/20 conference in Las Vegas.