How your body will be your password

Use your pulse as your password? —

The rise of social media and mobile devices mean businesses are more vulnerable to hacking. In a bid to keep information secure, a new wave of body-centric devices are replacing passwords. The Nymi, pictured, authenticates identity by measuring your heartbeat.

Courtesy of Bionym

The Nymi —

Created by biomentrics technology company Bionym, The Nymi has a built-in sensor that detects the unique electrical pulse produced by your heartbeat. "By using this type of technology, we can establish a very high level of trust because it's so closely tied to the body," says Kevin Martin, CEO and founder of Bionym.

Courtesy of Bionym

Myris —

Unveiled in 2014 by eyeLock -- an iris-based identity technology company -- Myris is a palm-size device that scans the unique features of your eye.

courtesy of eyeLock

Myris —

Fitted with a small mirror and camera, the Myris is able to scan the unique colors and vein patterns in your iris. Storing this information within its hardware, the Myris is able to identify its user accurately. EyeLock even claims that the device cannot be fooled by a video or photograph of your eye.

courtesy of eyeLock

Quixter —

Using palm vein recognition, Quixter identifies users by scanning vein patterns with an infrared light. Quixter only works when blood is flowing through the veins, so there's no need to worry about someone cutting your hand off.

Kalle Elmér

LaunchKey —

An identity and access management platform for the "post-password era," LaunchKey is part of a wave of mobile-based authentication apps that do away with passwords -- most of which are tied to personal information.

courtesy of launchkey

LaunchKey —

The launchKey app allows for password-free login capabilities on your mobile phone, allowing users to access websites and applications by simply swiping the mobile phone interface. Security is provided by the simple fact that the mobile phone is in your possession -- a key deterrent for hackers.

Courtesy of LaunchKey

Adios to fingerprints? —

In light of these more secure developments, it looks as though fingerprint identification will be a thing of the past. Seeing as our fingerprints are left on a variety of surfaces on a day-to-day basis, iris scanners and heartbeat monitors could be a promising alternative.

courtesy of Justin Sullivan/Getty Images

Barclaycard bPay —

While identity authentication is becoming more secure, many companies are looking to streamline transactions. Barclaycard's bPay wristband does away with PIN numbers and credit cards, allowing wearers to make contactless payments for items under £20 ($30).

courtesy of bpay

EE Cash on Tap —

Does your phone double up as a travel card? Digital communications company EE announced in 2014 that customers can use their mobile devices to travel on London bus routes.

Editor’s Note: Future Finance is a new series showcasing future trends related to the global financial system.

Story highlights

Fingerprints are left everywhere and passwords can easily be hacked

Technology firm Bionym have introduced a wristband that authenticates your heartbeat

Transactions will be fluid as devices, banks and stores will instantly recognize who you are

CNN —

Thought your fingerprint was secure? Think again. The unique pattern on the tip of your fingers can easily be copied and used to access your most personal information.

As PIN numbers and passwords prove redundant in protecting data, tech companies are looking to convert bodily features into secure identity authenticators.

Bionym, the Toronto-based biometrics technology company, have introduced The Nymi – a wristband that measures heartbeats to authenticate identity. Its embedded sensor reads the electrical pulses produced by your heartbeat, which is unique to each of us.

“You leave your fingerprints everywhere - you actually leave this impression which can be copied,” said Karl Martin, CEO and founder of Bionym.

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“In the future, you go into a store, you go to the terminal, you tap with your wrist and that’s it. You don’t actually have to go through any of the friction of pulling out a credit card. Your name pops up when you get to the ATM - you don’t have to enter a card or a pin because it knows who you are,” he added.

A future filled with devices that automatically recognize who you are may seem a bit daunting, however, as hackers become more successful in accessing personal information, these smart devices look to save users a lot of hassle.

READ: How you’ll manage your money in 2020

“Our vision of the future is essentially everything that can be intelligent will be personalized to you, and will behave differently based on who’s there.” says Martin

This new world of smart devices and the “Internet of Things” is a far cry from the past where anti-virus applications were the only way to keep hackers out. Now, such software is child’s play for those eager to get a hold of our information.

“In the old world it was all about keeping your data in the center of a network and building walls as high as you could with firewall, antivirus, all these boundary controls,” said Alastair Paterson, CEO of Digital Shadows, a cyber-threat intelligence company.

“Today’s world just doesn’t work like that anymore,” he added.

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