The Eyes Have It For Bank Security

February 10, 2017         By: Steven Anderson

We’ve seen an increasing push toward biometrics as a security measure for account holder verification over the years, particularly within mobile payments.

While usually the fingerprint or the thumbprint is the most often used, there have been plenty of moves toward the eyes instead. Banks, meanwhile, are increasingly taking advantage of this phenomenally unique identifying mark.

Banks are torn on the horns of the usual dilemma: whether to go with something more customer-friendly that may not accurately identify a user, or something that is more likely to be accurate but not necessarily so accessible.

This is where eye-printing, as it’s sometimes called, can be especially useful. EyeVerify’s CEO Toby Rush recently detailed how his company’s solution can develop a payment-grade solution rather than something more appropriate for marketing purposes.

Since EyeVerify’s solution was recently certified with the Fast IDentity Online (FIDO) standard, it proves that it’s got the kind of security chops to really protect an account. Plus, as interoperability is part of the FIDO standard, the end result is that EyeVerify can comfortably work with any device that works with EyeVerify as well.

While eye-printing may not be useful in every caseā€”the notion of a smartphone camera that can handle iris printing isn’t exactly out of line, but it’s not exactly a commercially-available item, either.

This might be one of those technologies where the desktop or even laptop PC does better, getting an eye scan from a sufficiently powerful camera that patches in through a USB port. However, this may not be the case forever; while eye verification may not necessarily be the weapon of choice for mobile payments, for banks it’s increasingly so. Since banks are going mobile in larger numbers, meanwhile, banks will likely be eager to find a way to translate that security to a mobile device.

We could be witnessing the confluence of two separate technologies here, and that may mean big advances to come. Eventually our eye prints may unlock our bank accounts, whether we’re in the branch or on our mobile devices.