Nearly half of mobile device owners in America have used mobile banking at least once in the last month, according to a recent study. But with this usage comes one major concern: the security of such transactions.
Bank of America is trying to address that concern with biometric technology. Soon you’ll be able to use your fingerprint to sign in to your Bank of America mobile app.
The app will work for Android, iPhone, and iPad customers and provides a secure, convenient way to log in without a passcode. It was designed using the Fast IDentity Online (FIDO) standards, which uses a public key cryptography that makes the apps resistant to phishing.
Michelle Moore, Bank of America’s head of digital banking, made this announcement today, saying this improved process will give their 31 million digital customers, “a more seamless and secure banking experience.”
The updates are in response to a customer trends report, published earlier this year, that revealed 49% of respondents would like to log in with a fingerprint scan or swipe.
In addition to the fingerprint sign-in, Bank of America is rolling out an Apple Watch mobile app, a better mobile “Accounts Overview” page, and a “New Security Center.” The Apple Watch app will let users see their account balances and recent transactions posted to all of their accounts, and the app will provide immediate notifications and alerts.
Users will also have a streamlined experience on the new “Accounts Overview” page. It has been redesigned to make it easier for customers to make appointments, deposit checks, and even open new accounts.
If customers are concerned about security, they can set up an alert that will send them an authorization code via text or e-mail whenever they sign in. This will allow users to monitor unapproved access to their account.
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