EyeVerify's new technology scarcely resembles what one might expect from a science fiction movie - perhaps a bright red light that runs across the wide open eyeball of someone opening the door of a spaceship. It is instead as easy as glancing for a moment at a smart phone, and a number of banks are already deploying the service offered by the
Hardly intrusive, an Eyeprint user holds the phone or tablet about eight to ten inches away from her face, about a normal reading distance, glances to the side for 0.7 seconds, and the verification is processed in less than one second, according to the company.
"It's similar to a fingerprint in its uniqueness. Specifically, we're looking at the blood vessels and the whites of the eye," said
Eyeprint Advantage is deployed and priced at two levels: employee access to interior data and customer access. The levels of pricing are mostly based on a per user, per year model, but the company will work out a package for banks which have purchased their back-end technology at one set price and prefer it that way.
"A lot of the banks we're working with are using platforms that are already split into employee access and authentication of customers," Rush said. "Typically they have an authentication platform for both levels of access they are also already working with. Our software integrates as an option on common platforms, specifically the mobile device management authentication sections of existing back ends. We also work with banks which have their own mobile banking app, and in that case we are integrating directly into their platform." Fingerprint technology is generally accepted and understood by the public, and offers one-of-a kind security, and new i Phones have fingerprint built in. So what's better about the eye? Rush said the largest component is still hardware.
"We are not reliant on who is using what device and we will work on any smart phone or tablet," he said. "From a software perspective, that's a far simpler way when managing the system. Now, that advantage is easy to understand. From a more complex security standpoint, we use something called key generation. This is a bit of a mouthful but we are able to generate a 128bit, high entropy cryptographic key as a part of our verification."
Maybe this is science fiction?
Rush admits many of the hi-tech security terms are not in the parlance of your average banker. But in a nutshell the process of encrypting a perfectly unique biomÉtrie print offers a level of security essentially impossible to compromise, and given the ubiquity of cell cameras, eyes are simply easier.
Rush also admits passwords, which he describes as dinosaurs ultimately destined for extinction, will not go away in the very near future. Now is nevertheless the time to start quickly migrating away from simple passwords, he said.
"There are very compelling stats about why people are not using mobile banking today," Rush said. "People who don't are concerned both about the level of security and the hassle of security. With banks, we want to be secure and have good authentication, but in order to achieve that level of security users often have to do some crazy finger gymnastics. We are able to provide a better user experience and far stronger security, which is a big improvement in customer reception. If you can offer both of those improvements, more people will be comfortable doing more things on their mobile devices."
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