The EyeLock uses iris recognition to access your personal information online, eliminating the need for remembering multiple screen names and passwords.
SAN FRANCISCO (CNNMoney) -- The future is here.
Just like in the movie "Minority Report," where iris recognition is used to gain access to top secret files, you'll soon be able to log in to all of your personal accounts in the blink of an eye -- literally.
Hoyos Group, a New York-based company founded in 2005, unveiled a new product called EyeLock at the Finovate conference in San Francisco Tuesday --- calling it the first and only portable iris-scanning device for consumers.
Here's how it works: The device, which is the size of a standard business card and weighs about four ounces, comes in the form of a USB drive. Once you install the program and decide which applications to EyeLock, you hold the wand-like scanner in front of your eye, and automatically log in to any password-protected site on your computer -- whether it's Facebook, Gmail, PayPal or your bank account.
No password required. You can even keep your glasses on.
Iris recognition, Hoyos claims, makes it much more secure for consumers to access personal information -- and eliminates the risk of fraud.
"Every time you log in, it reads your iris and creates a unique key, which is a series of numbers, and this key changes every time you log in, so no one can hack it," said Tracy Hoyos, assistant marketing director.
While the government and certain financial institutions have tried to implement the idea of eye scans, it's never been developed for consumers, said Hoyos.
And fingerprint security just doesn't cut it, she said. While fingerprints have somewhere around 18 unique points that allow you to identify who they belong to, your iris has 2,000 points, she said.
Not only does this technology keep your information safer, it eliminates the need for keeping track of multiple screen names and passwords. Hoyos is hopeful that the idea will catch on.
"Change is always a shock for people, and there is always going to be some resistance, but once they see all that it can do and how easily it will protect their identities, their money and their families, I think it will catch on," said Hoyos.
Of course, the idea of using a body part to access bank accounts can evoke fears of gruesome crimes, but the company promises that only a living person's eye will work with the EyeLock.
"If someone kills you, it won't work, because once you die your eye automatically flattens so your iris isn't the same," said Hoyos.
EyeLock will cost $99 for consumers. Hoyos didn't announce a release date, but said details would be coming soon. The company has already created an iris-scanning product that is used in airport security across the country, and Hoyos is already looking into ways to expand the service to other areas, like mobile.
But the company is already facing some competition. Another startup, IrisGuard, is also testing out iris recognition technology -- but purely for financial accounts. Consumers using IrisGuard will be able to access their bank accounts at a physical branch, ATM or online using only their iris.
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