Bank of America exec says passwords ‘need to go away.’ Here’s what’s coming next

businessman using laptop loging in to website, business security concept

For years, bank customers have relied on user IDs and passwords to access their online accounts. 

From a security standpoint, that's no longer a smart practice, said Bank of America executive Michelle Moore, head of digital banking for the Charlotte-based bank. In an era of hacking, traditional IDs and passwords are prime targets, which is one reason Bank of America is exploring iris scanning and facial recognition as alternatives, Moore said.