How your body will be 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.

Created by biomentrics technology company Bionym, The Nymi has a built in sensor which 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 & founder of Bionym.

Unveiled earlier this year by eyeLock -- an iris based identity technology company -- Myris is a palm-sized device that scans the unique features of your eye.

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 accurately identify it's user. EyeLock even claims that the device cannot be fooled by a video or photograph of your eye.

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.

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.

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.

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.

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

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

• 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

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

(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.

Can a wristband help secure your data?

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

READ: How we'll pay for things in the future

Our vision of the future is essentially everything that can be intelligent will be personalized to you

Karl Martin, CEO and founder of Bionym

"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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READ: How you'll manage your money in 2020

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