Why are people giving their bank accounts the finger?

We’re already using our fingers to unlock our phones, companies use biometric verification for time clocks, and for access to pharmaceuticals by hospital caregivers. So why not for bank account access?

Debates have been ongoing about the safety of traditional passwords versus biometric scanning. Data privacy advocates have been quick to warn that your biometric identity would be in someone else’s hands. But according to recent news, it appears that fingerprint account access is now at the point of no return.

CNN Money reports that Wells Fargo said that passwords and usernames on mobile phones are an inelegant way to log in to your bank account. The customer-friendly nature of fingerprint readers was a factor that pushed the bank toward biometrics. “Shift, Caps Lock, Enter, numbers — it’s like performing gymnastics on your keypad,” said Secil Watson, Wells Fargo’s head of wholesale internet solutions.The article goes on to say that, “Though the technology has existed for years, data privacy has been a major curveball for banks’ adoption of biometric readers. But the tide is beginning to turn. Fingerprint readers used for Apple Pay and other mobile payment services have made consumers more ready to accept biometric technology for paying bills and banking.”


continue reading »

More News