Around €1 trillion were exchanged in mobile financial transactions in 2016 alone, however up to €480 billion were subject to hacker attacks and security breach attempts. Online crime is estimated at 0.8% of worldwide GDP, with developed countries in regions like Europe and North America being the most affected.
Eyecode is a two-factor authentication solution offering secure transaction validation. It leverages two breakthrough cryptography technologies – immune code execution and cryptographic retinal photography – to protect banks/FinTechs and their customers against the escalating threat of cyber-attacks. Instead of receiving an SMS from their bank, users will receive a virtual token via an app on their phone – which they use to validate a transaction. The service offers equivalent security to “chip and pin” hardware solutions but with the convenience of using a single device. It doesn’t rely on specific smartphone hardware either making it easier to implement by clients. Given the stakes, high-profile attacks and increasingly stringent regulations in Europe, banks are in dire need for a secure system like EyeCode.