Identify theft is the fastest growing crime in America, with over 9.9 million incidents per year. According to the Federal Trade Commission (FTC), bank, phone, and employment fraud make up 50% of all cases. Plus, the threat only seems to be accentuated by the fact that almost everything is done on the Internet now a days. How hard do we have to try to protect our identity and still get taken advantage of?

EyeVerify just announced the closing of its Series A funding round meant to drive mass adoption of new biometric technology, Eyeprint ID. The idea has been overwhelmingly supported, with Wells Fargo Bank, Sprint, Chinese security company Qihoo 360, and others pouring over $6 million into the “eyeball selfie for banking” company. EyeVerify co-founder Toby Rush says, “We are fortunate to have a breakthrough technology that delivers a simple, secure, and private solution that eliminates password pain and password security risk, addressing a massive and escalating market need”.

This new kind of ID verification technology allows you simply hold your smartphone 8 inches away from your eye and take a photo. That photo is used to unlock your bank account. EyeVerify uses the existing cameras on mobile devices to image and pattern match the blood vessels within the sclera, the white part of the eye. Each time you need to access your data, you take another selfie.

With no passwords to forget or have fall into the wrong hands, the only way to confirm your identity is to be you. Voice recognition software isn't always accurate, and facial recognition hasn't come far enough yet, says the company. Eye biometrics used in EyeVerify's Eyeprint ID tech are becoming quite attractive to the banking and security world, especially with widespread internet privacy concerns and rapid improvement in front-facing cameras quality. The immense funding will enable the company to drive adoption of the Eyeprint ID within the financial services, enterprise mobility management, telecoms, mobile security, government and healthcare sectors.