Your blood vessels: newest ID for credit cards?

Your Blood Vessels: Newest ID for Credit Cards?

LONDON - A British engineer has invented a biometric identification system that is being evaluated as a weapon in the fight to curb credit card fraud.

Called Vein Check, the system reads the unique characteristics of blood vessels found in a human hand. The pattern recognition system can be used for positive identification in credit card or automated teller machine transactions, said the inventor, Joseph Rice.

The idea came to him several years ago when he was working on improving bar code technology for his employer, a British subsidiary of Eastman Kodak Inc.

Mr. Rice's idea has won him a prize in an invention competition held in Britain by Toshiba, the Japanese computer manufacturer. The award includes financial backing to develop his device.

"Bankers, police, and security companies in the U.S. and Europe have already responded favorably," Mr. Rice said.

The engineer hopes the device will be licensed next year.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER

Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.

3h ago
7 Min Read
CFPB exterior no signage 4

Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.

11h ago
4 Min Read
Jerome Powell

The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.

September 17
4 Min Read

Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.

September 17
4 Min Read
syracuse, new york

St. Cloud Financial Credit Union will be issuing its own stablecoin at the end of this year, becoming one of the first U.S. credit unions to do so.

September 17
4 Min Read
BankThink on increased need for AML with stablecoins

The two BNPL giants' pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.

September 17
3 Min Read
Apple Pay