SmartMetric, Inc. (OTCQB: SMME) — According to a recent survey, 36
percent of credit and debit card users said they have cancelled a
debit/credit card or closed their accounts entirely due to security
concerns.
In order to fight card fraud, card issuers and payments networks must
draw a fine line between using restrictive security algorithms and
permitting the use of their cards at the point of sale. Being too
aggressive with automatic machine-based acceptance and decline computer
based decision making has lead to a significant loss of business on the
part of both merchants and card issuers and their payments networks.
51 percent of consumers say they have had a transaction declined
because their banks mistakenly suspected fraudulent activity. That
is a lot of potential business being affected by machine-based security
algorithms and not to mention the embarrassment from a transaction being
declined being seriously detrimental to the customer and card issuing
bank relationship.
A better way of identifying the card user is the legitimate user of the
card has been created by SmartMetric. Using a very small nano
fingerprint scanner that sits inside the credit/debit card, the card
holder’s own fingerprint biometrics is used to unlock the card prior to
its use in a card reader or ATM.
“Totally frictionless, as the card user touches the sensor on the card’s
surface in less time than it takes to reach across to insert the card
into the card reader or ATM, the card has scanned and matched the user’s
fingerprint and activated the card with a 100% validation of the card
user prior to the card being used,” said today SmartMetric’s President &
CEO, Chaya Hendrick.
SmartMetric has produced a credit and debit card that 100% verifies the
identity of the card user. Simply, the card will not work unless and
until the card’s internal nano fingerprint scanner has scanned the
cardholder’s fingerprint and uses a 100% fingerprint match to turn on
the card.
SmartMetric is a USA-based company with sales and marketing partnerships
in Latin America, Europe and the United States. Engineering of the
biometric card electronics is done in-house and is the owned
intellectual property of the company.
To view the SmartMetric Biometric Card please follow this link – Video
of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com.
Source data: https://www.featurespace.com/newsroom/
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with the SEC, including but not limited to, if applicable, Annual
Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and
Quarterly Reports on Form 10-Q.
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