TECHNOLOGY: Eliminating credit card fraud with palm readers
|Credit: Image courtesy of Lund University|
Paying for a coffee or lunch by simply scanning your
palm still sounds like science fiction to most of us.
This post applies to a wide range of genres from SciFi to crime to Romance as well as to our daily lives. If you've ever had your debit or credit card info stolen and used to run up bills, you know the frustration of getting those charges off your account. Here's a new application of old technology that may make our accounts more secure.
Paying for a coffee or lunch by simply scanning your palm still sounds like science fiction to most of us. However, an engineering student at Lund University in Sweden has made it happen -- making his the first known company in the world to install the vein scanning technique in stores and coffee shops.
Fredrik Leifland got the idea for his start-up two years ago when he was standing in line at the supermarket. Growing impatient, he knew there had to be an easier and quicker way than using credit cards, and together with a group of classmates at Lund University he soon discovered biometric solutions. While vein scanning technology already existed, there was no system for actually using it as a form of payment.
"We had to connect all the players ourselves, which was quite complex: the vein scanning terminals, the banks, the stores and the customers. The next step was finding ways of packaging it into a solution that was user friendly," says Fredrik.
Their solution worked. There are currently 15 stores and restaurants mainly around the Lund University campus that use the terminals, with 1,600 active users.
Security is a major advantage of the technique, according to Fredrik.
"Every individual's vein pattern is completely unique, so there really is no way of committing fraud with this system. You always need your hand scanned for a payment to go through," he clarifies.
With ongoing plans to expand the business further, and other companies around the world implementing the technology, the payment method seems to be here to stay -- and if Fredrik gets his way -- we'll all spend less time waiting in line at the supermarket in the future.
To see a demonstration, click here:
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Story Source: Materials provided by Lund University. "Buy lunch, pay with your hand: Vein scanning technique." ScienceDaily.