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'With the iris, there's nothing to touch and you don't have the stigma of being associated with the FBI databases of known felons,' he says. When we mention iris recognition to people, we often hear, 'Oh, that's creepy!'Ĭarter counters that iris scanning is a favorable alternative to fingerprinting. We're looking for the point that you can scale it and have it be cost effective.' This week, EyeLock announced a partnership with financial services consultancy Capco, under which Capco's new Secure - Banking and Capital Markets practice will implement EyeLock's iris authentication technology. 'Economically there hasn't been a way to scale that across many customers. 'Banks now have trusted environments to do transactions, using RSA tokens and other types of security apparatus,' he notes. ' Carter acknowledges the economic reality that has largely prevented banks from investing in authentication technology. If you don't have secure identities, it's tough to prevent those types of attacks.
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'In between, you have actual attacks, where there could be a compromised user name and password used. 'In a basic denial of service attack, there's floods of erroneous account information on your online banking site,' Carter says. He has a vested interest: his company's technology scans the human iris to create a 'trusted identity' that can be used to authenticate users of anything, including a mobile banking app or online banking site. 'When you don't have trusted identities for accessing your online banking infrastructure, anyone in the wild can make a request, and you have to respond to it,' says Jeff Carter, who ran innovation for Bank of America and the Center for Future Banking, a joint venture between Bank of America, MIT and Harvard University, for six years and is currently chief strategy officer at EyeLock.

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