Password-Free Mobile Banking Now Possible with EyePrint ID
Consumers are very concerned about security when it comes to mobile banking, and a new technology allowing users to log into their accounts with just their eyes could lessen those concerns.
Mobile banking firm Digital Insight has partnered with EyeVerify Inc. to develop a new technology, known as EyePrint ID, that could eliminate mobile banking passwords and enhance digital security at the same time.
EyePrint ID works with the camera on a smartphone to determine who is trying to log into an account. The technology uses the blood vessel patterns in the whites of a person’s eye as a digital fingerprint, so only the account holder is able to log in and use the mobile banking service. Not only will this make it easier for people to get into their accounts, but will also significantly reduce the chances of fraud and identity theft.
Mobile banking providers that already work with Digital Insight can apply EyePrint ID technology to their existing apps without any additional hardware or software. The application is updated so customers can quickly start using the services.
“The largest impediment to mass adoption of mobile banking continues to be concerns around security,” Al Pascual, director of fraud & security of Javelin Strategy & Research, said in a statement. “Providing conspicuous, robust biometric security to mobile banking will inspire greater trust among consumers.”
Digital Insight is at the forefront of mobile banking technology, and the company has a team of developers working on new ways to improve this system for both banks and customers. The team is already working on location-based services and biometrics to take the Digital Insight platform to the next level. The partnership with EyeVerify is another step in the right direction.