Project description
Eyecode technology for secure transactions
Cybercrime is on the rise across Europe and North America. The more time people spend on the internet, the more vulnerable they are to being attacked online. Enter Eyecode: a two-factor authentication solution that offers banks and other financial service companies, and their customers, a secure transaction validation process. The solution combines two breakthrough cryptography technologies – immune code execution and cryptographic retinal photography. For instance, users will receive a virtual token from their banks via an app on their phone – which they use to validate a transaction. The EU-funded EyeCode project will validate market potential, commercialisation strategy, and planned software engineering scale-up actions. The project will perform independent penetration tests to boost credibility, obtain certification from ANSSI (the French NSA), and carry out the development required by contracts concluded with large French banks.
Objective
Around €1 trillion in mobile financial transactions were made in 2016, and up to €480 billion resulted to be stolen by hackers. Online crime is estimated at 0.8% of worldwide GDP, with developed countries in regions including Europe and North America being the most affected.
Eyecode is a two-factor authentication solution offering secure transaction validation. It leverages two breakthrough cryptography technologies – immune code execution and cryptographic retinal photography – to protect banks/FinTechs and their customers against the escalating threat of cyber-attacks.
Instead of receiving an SMS from their bank, users will receive a virtual token via an app on their phone – which they use to validate a transaction. The service offers equivalent security to “chip and pin” hardware solutions – with single device convenience. The easily deployable, cost effective solution doesn’t rely on smartphone hardware either, which increasingly erodes banks’ customer ownership. Given the stakes and high profile attacks, banks are crying out for secure solutions. In Europe, this is regulation-driven too.
In Phase 1 Skeyecode will validate market potential, commercialisation strategy and planned software engineering scale-up actions. The Phase 2 project will be used to run independent penetration tests, to boost credibility; to obtain certification from ANSSI (the French NSA); and to carry out the development required to service proof of concept contracts currently being concluded with large French banks.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques.
- natural sciencescomputer and information sciencessoftware
- natural sciencescomputer and information sciencescomputer securitycryptography
- social scienceseconomics and businessbusiness and managementbusiness models
- engineering and technologyelectrical engineering, electronic engineering, information engineeringinformation engineeringtelecommunicationsmobile phones
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Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
75015 PARIS
France
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.