Wells Fargo reveals plans to adopt biometrics for mobile security
The bank recently revealed it is working on face and voice identity verification for its banking app, CEO Mobile.
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.
A recent study from USAA showed that 400,000 people had already used the biometrics verification system built into their smartphone app. 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.
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