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Data Security: Passwords Vs. Fingerprints

As identity theft, fraud, and hacking have become a top issue in the industry, Bank of America is looking to make traditional IDs and passwords—a prime way of getting hacked—a thing of the past.

The big bank recently announced that it is expanding its use of biometrics with intel hardware-based security technologies.

“As online and mobile banking usage continues to grow, we’re focused on implementing the latest technologies that will give our customers the best possible user experience,” said Michelle Moore, Head of Digital Banking at Bank of America. “Biometrics can help us achieve that goal, and we’re excited to work with Intel to bring added convenience to our more than 34 million digital banking customers.”

In a recent interview with the Charlotte Observer, Moore discussed the security of biometric data and how it can help protect consumers against data breaches—and is even safer than traditional IDs and passwords.

“If you think about all the breaches and everything going on in the world, passwords need to go away,” said Moore. “No. 1, people forget them. No. 2, they’re not safe.”

Moore added, “If someone takes your phone and breaks into it, they’re not going to be able to find your fingerprint data, download it and then go use it somewhere.”

In the November 2017 edition of MReport magazine, the cover story “Threat Assessment” explores the top five ways companies are vulnerable to having their data hacked—one of those being brute force access.

In fact, while hackers who employ brute force methods utilize a trial-and-error approach to decode encrypted data (such as logins), they do so using software that can try a variety of combinations.

These approaches are so fast that when PC Magazine tested one brute force code cracker—Lophtcrack, it found the program was able to access 85 percent of an office’s passwords within 20 minutes.

“With a login credential, thieves can gain access to all the data that is displayed on the website. They may also be able to access additional websites, as many consumers use the same login name (the most common is an email address) and password for multiple sites,” Craig Bechtle, EVP/COO at MortgageFlex told MReport.

Learn more about protecting yourself from cyber attackers in the November 2017 edition of MReport, out now.

About Author: Nicole Casperson

Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech's College of Media and Communications. To contact Casperson, e-mail: [email protected].
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