Every year, more than £300 million pounds are drained from bank accounts by fraudsters and thieves. Clearly, there is a real need for preventative measures to secure the interactions that happen between companies and users.
What it does
BioAuth is a combination of many of the technologies presented this weekend. It verifies the user login using a hardware fingerprint scanner. This then sends an SMS message to the user's mobile phone using Nexmo API. Only after this will the program allow transaction history (from the Capital One Hackathon API) to be viewed and payments to be made using the Authorize.Net API.
What's next for BioAuth
Who knows what's in store for BioAuth. The concept has the potential to revolutionise the way we process transactions, especially given that most if not all phones now come equipped with fingerprint sensors.