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Banks Turn to Biometrics

Online banking portals for Barclays and Wells Fargo are now scanning customers' eyes, fingers in place of passwords.

By Susan Kelly | Updated on June 14, 2017

As data breaches, ransomware, and other cybercrimes heighten concerns about the security of doing business on the Internet, some banks are rolling out biometric methods of authentication, methods that rely on some unique physical characteristic of the customer, like a fingerprint.

Wells Fargo customers can now use a scan of the veins in their eye to log onto the mobile version of the bank’s Commercial Electronic Office portal, CEO Mobile. And Barclays is about to launch a device that uses finger vein technology to authenticate customers signing into its treasury portal on a laptop or desktop.

“We do think this is the way forward,” said Shameet Shah, head of digital client security for corporate banking at Barclays. “Within our space, security is paramount. You’re protecting clients’ accounts that have millions of dollars or pounds.”

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