SmartMetric Uses Biometric Fingerprint Scanner Inside Credit Card
OREANDA-NEWS. June 04, 2018. SmartMetric, Inc. (OTCQB:SMME) – Payment card fraud globally has climbed to over $22 Billion in losses*. What is alarming for USA credit card issuers is that the United States has 39% of worldwide card fraud losses.
SmartMetric has created a powerful biometric fingerprint reader that sits inside a bank’s credit or debit card. Using the cardholder's fingerprint to unlock and activate the card as the card user touches the card's surface. In less than a second, the card user’s fingerprint is scanned and then matched with their fingerprint stored inside the card. Of course, if the person trying to use the card is not the cardholder, the card will not work.
“One of the functional features of our card is that it is powered by an internal rechargeable battery. This means the SmartMetric biometric card in-card scanner can be used independently of and prior to the card being inserted into a card reader or ATM," said today, SmartMetric’s President & CEO, Chaya Hendrick.”
SmartMetric has created both contact chip, as well as contactless chip versions, of its biometric credit and debit card. Contact and Contactless functions of the card are disabled and are only activated following a card user's successful fingerprint match.
The fingerprint scan, match and card activation take less than a second. The powerful miniature fingerprint reader inside the card is powered by a rechargeable battery that is constantly recharged every time the card is inserted into a credit/debit card reader or ATM.
The SmartMetric biometric credit card works with the global standard chip cards. There are more than 6 billion chip cards now issued by banks globally.
* The Nilson Report May 18, 2018