Quality Door & Hardware, Inc. through its subsidiary company, Monkeetech LLC has developed a patent pending iris scan credit card fraud prevention system for use with point-of-sale, mobile and internet payment applications.
June 03, 2013
Quality Door & Hardware, through its subsidiary software development company Monkeetech, LLC, announces that it has developed the â€œEyeWatchâ€ iris scan biometric credit card fraud prevention system.
The EyeWatch system is an opt-in system, requiring the credit card holder to opt-in and agree to an iris scan at the time of the verification of the card holderâ€™s credit card. The iris scan can be done over a mobile device or over the card holderâ€™s home computer at the time that the card is first verified for use by the issuer and will be stored on a database at the issuerâ€™s location.
â€œThis system is as close to a fail-proof system as exits todayâ€ states Jeffrey N. Dinardo, Jr., CEO of Monkeetech, LLC
From the point of the initial registration of the iris scan and verification of the credit card for use, anyone attempting to utilize the card holderâ€™s card at a retail swipe terminal; over a mobile device; over the internet or even at an ATM location, will be required to submit to an iris scan, prior to the approval of the transaction. If someone other than the card holder attempts to use the credit card the required iris scan will not match the database and it will fail. The card holder will then receive an SMS text message that someone has attempted to fraudulently use the credit card.
â€œThis system is as close to a fail-proof system as exists today,â€ states Jeffrey N. Dinardo, Jr., CEO of Monkeetech, LLC. â€œWe 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,â€ comments Dinardo. The iris scan itself is non-invasive; takes literally seconds to perform and is more reliable as an identification method than even DNA.