FREMONT, CA: Smartphones are now equipped with latest biometric and encryption technologies. The enhancements help mobile banking apps to bring benefits to financial institutes and their customers. The latest features such as improved security and self-help enable customers to secure, save and manage their money in a divine way, reports, Joe Stanganelli, Bank Systems & Technology.
Apple introduces Touch ID, a new fingerprint authentication technology with which user can access their account by touching the button under the screen. If the fingerprint matches the previously stored print then the screen gets unlocked. But on the other hand, this technology is insecure, as criminals can easily break into someone’s bank account by making fake fingerprint. Importance of other biometrics for mobile banking security like eye ball scanning and voice recognition can be noted at this instance.
Eyes are not only windows to our soul but also to banking accounts. Banks have taken a step ahead to oppose security fraud with the introduction of eye ball technology. EyeVerify is a new type of verification technology that takes an image of blood vessels in the whites of the eye through a smartphone selfie. If the image is matched with the stored data, then it unlocks the bank account. Eye verification is considered as a secured method for authentication as compared to both fingerprint and voice recognition.
Financial institutes including Wells Fargo, Barclays and U.S. banks are now using the voice recognition technology for mobile banking security. It is a faster and simpler authentication method that saves time and replaces commonly used credentials such as PIN, security questions and passwords.
Mobile banking security is much beyond fingerprint and voice recognition. Managing money and budgeting is a daunting task. Mobile banking has now extended security by providing Personal Finance Management (PFM) app on smartphones and tablets. It gives a clear picture of the budget, tracks users’ personal finances and sends pictures of pictures for future clarification. It offers a Safe-to-Spend feature and allows customers to easily verify purchases with joint account holders.