Apple brought fingerprint security system into banking. Samsung realizes that this isn’t a completely foolproof system. With the new Note 7, iris scanning technology will be used for the first time in a smartphone to validate bank transactions via Samsung pass. Here are the details.
More and more smartphone users are using smartphone apps to access their financial information. In light of this development, Samsung, and other banks such as Bank of America, Citi, US Bank, KEB Hana Bank, Shinhan Bank and Woori Bank are working together to enable Samsung pass in securing sensitive information and validate a user in the most secure way possible. Iris scanning in this case.
Other banks are also in the process of developing their own apps that can use iris scanning technology and will be announced later this year.
The idea behind this method is to eliminate the username and password and replacing it with a better access system. But Samsung pass isn’t restricted to financial apps. A separate folder has been created that can host apps, photos, videos and documents that you don’t want your friends to see.
This can only be unlocked by the user’s eye.
Similar to Samsung pay, Samsung pass will be a major force in mobile security as more and more handsets come equipped with iris scanning. This technology is slated to land on the mid-range smartphones in the near future.
Samsung had mentioned that they have been working on this technology for 5 years and the result of that effort is a security system that authenticates a user in a jiffy.
