Up To 2.39% Of Retail Sales Are Lost To Fraud Says SmartMetric
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 card holder, 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 SmartMetric’s President & CEO, Chaya Hendrick.
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
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