Wells Fargo is now offering a new powerful tool to help keep hackers at bay. Through its digital banking platform – commercial electronic office, the company is providing a Smartphone-based biometric algorithm (voice, face, and eyeball) to its corporate clients.
Besides Wells Fargo, other financial institutions have not been left behind. Banks such as Citigroup, Barclays, and several others have launched similar biometric products as yet another technique of reducing the various Cybersecurity related types of fraud. Just in case you were wondering, this is one more reason why investors need to consider making investments in biometric Cybersecurity products. The market research firm, Tractica, estimates the net worth of this industry at $15 billion during the next decade.
Depending on how you look at it, biometrics have been around for quite some time now. For instance, fingerprint readers are not a new thing when it comes to smartphones , they have been there for many years. The same case applies to the U.S custom officials; not mentioning the fact that military has been using IRIS scanners to identify suspected Afghanistan Taliban.
However, these facts should not blind you from what is happening in the banks. For these institutions, biometrics are viewed as one of the multifactor ways of restricting the hackers’ ability to access or retrieve data from a computer network. The newer algorithms adopt a concept referred to as behavioral biometrics. This is realm whereby, if one identification factor is interfered with, a computer system may weigh the other types of personal biometrics to evaluate the identity of the user.
Behavioral biometrics should, however, be viewed as yet another fertile ground for subsequent investment in Cybersecurity.
About Jeff Yastine
He serves as an editor of Total Wealth Insider. Jeff Yastine first made his way to Banyan Hill Publishing in 2015 as editorial director carrying along his extensive experience (spanning more than two decades) in stock market investment and financial journalism at the middle of the world economic events. Jeff also contributes to the Sovereign Investor Daily and Winning Investor Daily that are affiliated to Banyan Hill. He uses these platforms to help investors understand economic, business and financial trends, besides showing them potential opportunities for profit-making based on the analysis of the financial editors.
Between 1994 and 2010, Jeff Yastine worked as a correspondent at PBS Nightly Business Report. The Emmy-nominated anchor has had the opportunity to interview some of the most accomplished entrepreneurs and financiers of all time such as Michael Dell, Sir Richard Branson, and Warren Buffet among many others. Yastine was among the NBR journalists team of 2002 who won the NY State Society of Certified Public Accountants’ Excellence in the Financial Journalism Award – for a 30-minute exclusive reporting on the bond market of the nation.