Eyeprints To Protect Mobile Banking Transactions

EyeVerify Eyprint recognition selected to offer primary or secondary factor authentication for mobile banking app users

EyeVerify now to offer Eyeprint recognition to mobile banking appToday EyeVerify, the startup behind biometric technology that can measure the vascular paterns on the side of an eyeball (called an Eyeprint), announced that its mobile solution has been selected by The System Works Group (TSWG) as an integrator to verify mobile money transactions.

TSWG is based in Brisbane, Australia and is a provider of digital banking solutions. Its NetTeller Mobile Money app is a banking software for Android and iOS that enables users to easily make transfers, check accounts and pay bills or contacts from a single platform. Prior to this integration the security supported by the app was primarily based on a four digit PIN, with the options to supplement additional protection via one time passwords (OTP).

Now that EyeVerify will be lending its proprietary Eyeprint technology, the problems inherent in PIN based logical access for financial transactions disappear, replaced with biometrics.

“As financial institutions increase access to consumers’ sensitive personal data and banking services on mobile devices, the need to verify the identity of users is critical,” expands Chris Barnett, executive vice president of global sales and marketing for EyeVerify. “As we integrate with TSWG, our Eyeprint Verification will enable financial institutions using TSWG NetTeller Mobile Money to add biometric security as a replacement for PINs and passwords or as a second authentication factor confirming sensitive transactions.”

Terry Hudson, General Manager, Sales and Marketing at TSWG adds: “EyeVerify’s technology will make an innovative addition to NetTeller Mobile Money, consumers want convenient, anywhere, anytime banking while being protected against unauthorized use, if a phone is ever lost or stolen.”

EyeVerify is a relatively new biometric solution, and it has been making quite a splash in the world of post-password mobile security. To learn how it works, be sure to take a look at our exclusive demonstration video with company founder and CEO Toby Rush, taken at last year’s Biometrics Consortium Conference.