Bank of America adds biometric authentication functionality to its online banking service

24 October 2017

Bank of AmericaBank of America, the second largest US bank by total assets, announced the introduction of an added level of security for its customers using mobile applications for online banking services. According to the official statement, BofA will integrate Online Connect technology provided by Intel Corp for biometric authorization of customers.

Customers will be confirming payments using their fingerprints while banking online. The new functionality becomes effective starting next year. In addition, owners of iPhone will be offered a secure authentication through Face ID when logging into their BofA mobile application.

Approximately $600 million has been allocated by the Bank of America this year to finance its information security efforts and plans to spend about the same amount next year, as reported by Cathy Bessant, a chief operations and technology officer at BofA.

Earlier this year BofA unveiled its new Premium Rewards program to allow owners of the new credit cards to gain unlimited amount of points for their purchases and these points will never expire. BofA reported in its official statement that apart from unlimited points without expiration period the new program provides a flexible reward scheme and special travel perks.

Blockchain techs
Mastercard may launch a payment system for fast cryptocurrency transactions
Banking techs
Korea digitizes mortgage and loan documents on a blockchain platform
Writing a White Paper for an ICO: expert recommendations
Show more posts...