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The "biometric daemons" will monitor aspects of its owner such as the way they walk, their fingerprints, voice, buying habits and even their preferred choice of ATM machines. Through registering this data, the pet can get to know its owner, build a level of trust with them, and recognise when their credit card is being used by an impostor.

The concept is now being developed further by Dr Patrick Olivier, a computer scientist at Newcastle University, who says the daemons represent an enjoyable and interactive way of warding off fraudulent activity.

"Biometric verification is the most effective form of security, whether it's an eye scan or a fingerprint

The daemon will identify suspicious circumstances, such as when an unusual cash machine is being used, or if a particularly large purchase is being made, and will require reassurance. By holding it or speaking to it, the daemon can recognise whether it is the legitimate card owner and authenticate or deny the transaction accordingly.

The daemon will also evolve to recognise its owner as their habits, characteristics and lifestyle change. "This makes you feel that it is unique to you," added Olivier.

He added that the daemon can even detect when its owner is being a victim of harassment when making a transaction. The daemon can recognise, through fluctuations in voice and increase in sweat, when a user is put under excessive stress, meaning that it will, for example, decline an ATM transaction if a criminal is forcing its owner to make a withdrawal.

Although Olivier and his team are yet to decide on the look of the device, he revealed that the project is already attracting attention from mobile device manufacturers as well.