June 4, 2013 -
Monkeetech has announced the development of a new (patent-pending) iris scan biometric credit card fraud prevention system, called EyeWatch.
Monkeetech, a software development subsidiary of Quality Door & Hardware, has developed the opt-in system which would require credit card holders to agree to an iris scan at the time of verification of the card holder’s credit card. According to the company, the iris scan can be done over a mobile device or over the card holder’s home computer at the time that the card is first verified for use by the issuer.
“This system is as close to a fail-proof system as exists today,” Jeffrey N. Dinardo, Jr., CEO of Monkeetech, LLC said. “We are most excited over the possibilities afforded by the use of iris scan biometrics and recent developments within the field of iris scan biometrics have made this system more affordable and more easily integrated with existing credit card transaction authentication systems. There really is nothing quite like it on the market today.”
From the point of registration of the iris scan and verification of the card for use, the company says anyone attempting to utilize the card at a retail swipe terminal, over a mobile device, the internet or an ATM, will be required to submit to an iris scan before the transaction is approved. If someone other than the card holder attempts to use the card, and an iris scan doesn’t match the template on file, the transaction will fail and the card holder will receive a text message saying that someone has attempted to fraudulently use the card.
Iris recognition is a growing trend as the cameras built into laptops and smartphones can in many cases, now capture a clear enough image for recognition, but that’s just the tip of the iceberg. As Rawlson King, lead researcher for the Biometrics Research Group notes, technologies that track eye and gesture movements will likely play a large role in future mobile applications and devices.