SmartMetric Biometric Activated Payments Card to Protect Online and Offline Consumers, Banks and Retailers From 21 Billion US Dollars in Annual Identity Fraud
(Marketwire Via Acquire Media NewsEdge) NEW YORK, NY -- (Marketwired) -- 10/28/13 --
SmartMetric, Inc. (OTCQB: SMME) - Speaking today, SmartMetric� Inc. President & CEO Chaya Hendrick said that the company's market disruptive, consumer based biometric solution provided by its fingerprint activated payments card is able to provide a ubiquitous and desperately needed security tool in the massive war against identity theft and fraud. Having a user biometric identifying and verifying credential with the SmartMetric proprietary fingerprint reading payments card is able to provide a level of fraud protection unparalleled by any existing payment system in the world today.
A study by Javelin Strategy and Research found 12.6 million victims of identity fraud in the United States in 2012. It also reported identity fraud incidents increased by more than one million victims over the previous year and fraudsters stole nearly $21 billion USD in the United States in 2012 alone.
In 2012, online retail payments reached $318 billion. The online market is an increasing target for fraudsters that use data breaches as their prime tool in stealing consumers identity and carrying out online fraud.
Using a person's fingerprint to activate the "EMV", ATM or Credit Card rather than relying on passwords, social security numbers, PIN's etc, will protect both financial institutions and card holders against much of both online and offline fraud.
The SmartMetric Biometric payments card can be used for safeguarding online transactions with a simple computer adaptor or at millions of ATM and retail card reading machines around the world.
SmartMetric has developed a fingerprint reader that sits inside a person's ATM or Credit Card. It is self powered allowing it to perform a fingerprint match while a person is standing at a retail checkout or on the street at an ATM. A person simply swipes their finger across the SmartMetric sensor on the surface of the card and the cards internal computer processor performs a match with the persons fingerprint that is pre-stored in the memory of the card itself. For added security a person's fingerprint is always stored and encrypted inside the card and IS NOT stored on a banks computer. When a match occurs the cards EMV surface mounted chip is then turned on allowing a transaction at the millions of ATM and retail card machines around the world.
Banks don't have to retrofit existing retail ATM's or POS retail card readers to make them "biometric" compatible since the SmartMetric system is built around the banking industry standard EMV system.
It works using the industry standard EMV chip on the surface of the card so that the SmartMetric biometric activated card is compatible for use throughout the payments industry worldwide. EMV is an acronym for "Europay Mastercard Visa" and has been adopted and in use in most major markets around the world. It is now being actively deployed in the USA with all of the major card companies and their partner banks having already issued millions of these EMV "chip" cards nationally.
The Biometric activated EMV card provides absolute purchaser identity verification for both online and offline purchasing providing a paradigm shift away from traditional and ever increasingly vulnerable methods.
For further information on SmartMetric and its technology please go to www.smartmetric.com. For information on the SmartMetric� MedicalKeyring� please go to www.medicalkeyring.com
Safe Harbor Statement
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.
Source: SmartMetric, Inc.
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