Biometrics: the new password for banks

BY: CLAIRE KIM

For a long time, we have been relying on our brains to memorize passwords or any other identification statuses for us to access our bank accounts. However, with these so-called “passwords” they are not becoming as effective as they were before. Before major hacking offices and numerous identity thefts in the past years, there weren’t many major issues, but now it’s a different story.

Many popular banks such as Wells Fargo have realized that passwords are no longer secure enough to protect our bank accounts. They have developed a new way to safeguard personal accounts using biometrics. Biometrics are becoming the new all-time password for banks and many customers have no concern following it as well.

It is no surprise that banks have been trying to use technology to its greatest on their systems these days. The use of biometrics will help to further enhance the bank’s security systems with more secure passwords and tight protecting identity verification. Some of the nation’s largest banks have already been making their customers either use their fingerprints, facial scanning, or even voice recognition to unlock their accounts for transactions.

As this process becomes more favored by the public, I feel that even more companies not only banks will start encouraging personal identification to access many other private matters as well.

Many advantages are performed when using biometrics as a password. With biometrics it will make it much harder for personal identifiers to fall in the hands of criminals, hacking will become less effective than before, and other data breaches will be decreased greatly. Nonetheless, there are some cons to this idea. The public might not agree to the idea with their biometrics to be kept in a private database for the FBI to observe and it could cause controversy. It is also costly and takes a lot of effort to install all of the applications into the bank’s system for constant use. Yet, despite the downsides that biometrics might display, it is true that all in all the bank’s security system will be stronger and more effective than before.

I can definitely see that we are getting one step closer to more secure and complex order for our private bank accounts and that is truly very exciting.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s