Not that long ago, if you had a check to deposit, you had to find time in your day to go to the bank. If you wanted to check your balance, you had to find a drive-up ATM and if you wanted to pay bills you had to stock up on postage stamps and sit down with your checkbook and a pen.
Now, because of banking apps and your handy mobile phone, you can do pretty much all of your banking from the palm of your hand. While all of this convenience is wonderful, it may also be a bit unnerving to know that if your phone is lost or stolen, your personal financial info may be compromised. Thanks to advances in biometric security technologies, you can make your smartphone and your bank accounts as secure as possible. These are just a few ways you can use technology to enforce security.
Artificial Intelligence and Biometric Security Technology
If you have a smartphone that is powered by the Snapdragon 835 Mobile Platform and the Qualcomm Haven security platform, your mobile device includes a number of features to keep your data safe. For example, Snapdragon’s on-device machine learning uses the power of artificial intelligence (AI) to enable more robust and user-friendly biometric security technologies. This AI can now run completely on the device itself without the cloud, which also boosts security. Snapdragon’s combo of technologies include fingerprint, voice, eye and facial recognition biometric authentication, so your device can really get to know you.
Facial Recognition Instead of Passwords
While passwords have been the gold standard of security for online banking and apps, there are a number of inherent problems with this system. For example, if you save your password info and do not have biometric security features on your phone, any Joe Schmo who steals your phone can easily access your bank accounts. On the flip side, it can be challenging to remember a complex password when logging in, and security questions can often be guessed by hackers. To combat this issue, Aware suggests using facial recognition to combat fraud; in addition to having the smartphone in your hand, facial recognition will serve as a second layer of authentication. If your bank has the resources to add facial recognition technology to its apps, that’s terrific. But if this is not the case, you’ll need to have a smartphone with this technology built right in.
Use Your Fingerprint to Access Your Phone
If you have a smartphone that includes a fingerprint identity sensor but have not set it up yet, it is not only super easy to do so, but it will help keep your banking accounts safe. You can use the Touch ID feature with a Samsung Galaxy S8, as well as a number of tablets. Set up a passcode for your device, which will add another layer of security to your phone.
Over time, banks may very well add biometric security features to their websites and apps. Until they do, we certainly have the power and the technology to use our faces, voices and fingerprints to keep our personal banking data safe. By looking into smartphones with built-in biometric security technology and/or upgrading to a mobile platform that features artificial intelligence and security rolled into one, you can rest assured that only you will be able to access your bank account through your smartphone.
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