Wells Fargo To Use Biometrics For Modern Security, But Are They A Decade Behind?

Wells Fargo is tapping into the future of banking, a future the United States has been late to foresee. The San Francisco-based financial institution is beefing up security, but not in the conventional sense; instead, Wells Fargo plans to use eye-scanners and voice recognition technology to give consumers access to their bank accounts. The new eye-scanners are one of many new, secure banking practices that will be performed in addition to the fingerprinting Wells Fargo already does. So, what’s new with Wells Fargo’s bank security?

Recently, Wells Fargo & Co put EMV chips on all newly issued bank cards. This upgrade is following the banking security model predominantly used in Europe, a model the United States, was rather late in ratifying. The idea behind the chip is to make even credit cards require a PIN, therefore lessening the chances of someone’s credit card being used by a thief and decreasing the amount of loss for banks. For Wells Fargo, the new security measures are reactions to the changing times. Secil Watson, Wells Fargo’s overseer of online and mobile applications, told the LA Times just how much things have changed when it comes to bank security.

“User names and passwords are basically 15 years old. They’re at the end of their useful life. Something needs to take their place.”

With the abounding hacker population, it has become more and more common for user names and passwords to result in security breaches. This is concerning for most people who bank at Wells Fargo and other places but causes much more of a stir for large corporations. Because of that reality, Wells Fargo will be bringing the eye-scanner technology to corporations first. Watson’s recent statement explains just how far Wells Fargo plans to go with this new technology.

“Our intention is that someday biometrics will eliminate passwords. We are not there yet. In the next year, mobile business-banking customers will have their choice of authentication: they can choose between different biometrics or continue to use passwords and tokens.”

So, just how innovative is Wells Fargo’s peer into the future of technology? According to the company’s latest public statements, biometrics is their focus. However, it is far from a new technology. Think of the smartphone. In the many years that smartphones have been in existence, people have been able to calibrate the touchpad to respond only to touch pattern of the owner. Additionally, smartphone app stores include software for securing the phone by both fingerprint and face recognition software. In other words, Wells Fargo and a few other banking companies are a bit late to the party.

Both Bank of America and TD Bank began testing biometrics for banking security in 2015. Specifically, on the mobile apps for the two banks, consumers could access their accounts via fingerprint scanner or voice recognition tools. PNC Bank, on the other hand, may have been first in line, as the company began voice recognition back in 2013 and implemented the Touch ID fingerprinting software last year. In 2014, Sun Trust Bank followed in pursuit of a secure future by bringing automated hand scanners into their banks for consumers to access safe deposit boxes.

Wells Fargo is certainly among the late-comers but may be the most secure biometric bank yet, due to extended strategizing. Wells Fargo’s head of wholesale services, Steve Ellis, explains the continuance of WFs research in biometrics and investment in the software that will make it all happen.

“We’ve seen dramatic changes in technology and the way our customers do business — it’s not just through their desktops anymore. We’re continuing to invest in new technology to make banking easier and more secure for our customers who need to connect with many types of devices.”

[Feature image via John Greim/Getty Images]