The Halifax, a member of the Lloyd's Banking Group, has undertaken a 'proof of concept' for the Nymi Band, a wearable device that authenticates its owner using an electrocardiogram.

Unlike fingerprints or iris scans, the ECG biometric is a vital signal of the body and, as such, naturally provides strong protection against intrusions and falsification, the Halifax said. This means that the device could reduce the need for customers to remember multiple passwords while ensuring maximum security of this data.

According to the release, the device authenticates the wearer when it's first placed on the wrist. Another set of sensors then continuously detect that the authenticated person is still wearing the band.

Only devices that have been paired with the Nymi Band can detect the presence of the band, further ensuring user privacy, the FI said.

"We are in the very early stages of exploring potential uses for the Nymi Band — and wearable technology more widely — which will help us further understand how we can serve our customers in the way that best appeals to their needs," said Marc Lien, director of innovation and digital development at the Halifax.