The banking password may be about to expire — forever. Some of the nation’s largest banks, acknowledging that traditional passwords are either too cumbersome or no longer secure, are increasingly using fingerprints, facial scans and other types of biometrics to safeguard accounts.
Millions of customers at Bank of America, JPMorgan Chase and Wells Fargo routinely use fingerprints to log into their bank accounts through their mobile phones. This feature, which some of the largest banks have introduced in the last few months, is enabling a huge swath of the American banking public to verify their identity with biometrics. And millions of additional customers are expected to opt in as more phones incorporate fingerprint scans.
For now, Wells Fargo is offering eye scans — among the most fool proof biometric technologies, according to security experts — only to select corporate customers, for whom the stakes are arguably higher because there is potentially so much money involved.
“It is harder to take someone’s eyeball than someone’s user ID and password,” said Steve Ellis, who leads Wells Fargo’s innovation group that worked on developing the eye scan authentication. The bank also made an investment in EyeVerify.
Instead of eye scans, Bank of America has embraced fingerprints. Since it began offering the option in September, about 33 percent of the bank’s 20 million mobile banking customers have started using a fingertip to get into their accounts.
There are limits, though, on how far an average retail customer can proceed through the banking process without a password.
The Bible tells us that in the end times and last days that mankind will make great advances in the development of technology. In fact, it was the prophet Daniel who recorded the following word from the Lord:
Daniel 12:4 But thou, O Daniel, shut up the words, and seal the book, [even] to the time of the end: many shall run to and fro, and knowledge shall be increased.
Here we can see that men are eventually running “to and fro” and that knowledge has be increased.
Written by TCE Global News