The banking and credit card industries are experiencing ever increasing pressure to provide more secure environments for their customers. Credit card and banking transaction fraud is on the rise and is causing billions of dollars in loses, each and every year.
August 1, 2013
Monkeetech, LLC, in West Babylon, New York, a developer of credit card fraud prevention systems, has recently filed a patent pending system, which employs a three tier approach to authentication of a Userâ€™s identity. The first tier is the use of something which is known only to the User, such as a password. The second tier, is the use of something in the physical possession of the User, such as a credit card or smart card. The third tier and the core of Monkeetechâ€™s patent pending system, is the use of something that uniquely makes up the User; that is a biometric factor, the Userâ€™s iris.
The iris provides a most secure method of authentication and identification. The human iris possess in excess of 226 variations, which allow one iris to be distinguished from another. Also, the iris is not generally subject to the aging process and so remains in stable form throughout oneâ€™s lifetime.
Monkeetech believes that the non-invasive, relatively simple technology of the iris scan, coupled with the high level of accuracy associated with iris scans, results in a highly reliable and easy to use system for authentication and identification. Currently, Monkeetech is working on the creation of an all encompassing iris scan technology platform, which will be used in connection with point-of-sale transactions, mobile payments, payments over the internet, ATM transactions and bank wire transfer requests.
Monkeetechâ€™s system is a User â€œopt-inâ€ system, which requires the User to voluntarily enroll in the authentication and identification program by submitting to a non-invasive iris scan, the results of which are then stored on a remote, secure server. After successful enrollment into the Monkeetech system, the User no longer needs to worry about security breaches caused by weak passwords, which are easily hacked or lost or stolen credit cards used on-line or presented in person at point-of-sale transactions.
Until recently, the cost and automation of iris scan technology, made a system like the one created by Monkeetech, impractical. However, as is the case with most technologies, the cost is steadily decreasing and advancements in automation and portability have now made it possible to include iris scans within even the smallest of mobile devices.
The incorporation of iris scan technology within an authentication and identification system for use in the banking and credit card industries has the very real potential to seriously curtail the massive losses associated with credit card and banking fraud worldwide.