USAA says it is poised to become the first U.S. financial institution to protect member security through facial and voice recognition on a mobile app.
This quarter, USAA members will be able to log into their accounts through mobile devices using biometric recognition.
“This will make USAA the first U.S. financial institution to offer facial and voice recognition on a mobile app as added protection against fraud and identity theft,” the company announced.
So how does it work? USAA’s facial recognition requires users to look at the screen and, when prompted, blink their eyes. For voice recognition, users must read a short phrase.
Millions of U.S. consumers are the victims of identity theft each year, which is consistently the leading complaint filed with the Federal Trade Commission. It’s a disturbing trend but one that leading financial institutions are attempting to combat.
“USAA is committed to cutting-edge solutions to make our members’ financial transactions as secure as possible,” said Gary McAlum, USAA’s chief security officer. “The use of multifactor authentication through biometrics is one of the most effective ways to increase security protection as traditional passwords become increasingly obsolete.”