BMO recently announced that it will begin using fingerprints to verify a customer's identity. As more and more consumers turn towards mobile banking, financial institutions have sought creative ways to protect these consumers from fraud. This new service ensures that the owner of a specific account is the only person who is able to access their funds.
The new authentication service allows customers with iPhone models 5S, 6, and 6 Plus to login to the BMO Mobile Banking App quickly and securely. The app is compatible with Apple Touch ID, which allows users to access their full account with just the touch of a button. By using fingerprints to verify a customer's identity, the app provides users with an added layer of protection against fraud and identity theft.
Beyond the added security features, the new authentication service also simplifies the mobile banking experience for customers. Instead of trying to remember multiple different passwords, the service allows customers to simply use their fingerprint as a passcode.