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SmartMetric, Inc. (OTC:SMME)

SmartMetric Stock Symbol: SMME

The Maker of Biometric Activated Credit & Debit Cards

SmartMetric Inc. (Stock Symbol: SMME) is Working with a Major Global Payments Network to Deliver its Advanced Biometric Payment Card Protection for a Commercial Launch

 

Progress and Current Status Update as of May, 2021

SmartMetric Inc. (SMME) is a fingerprint biometrics based security company focused on advanced fraud protection measures for credit and debit cards users worldwide. Hardware and software engineering is done internally thus providing SMME with the capability of delivering enterprise-class products in a timely basis. The SMME silicon manufacturing processes employ the latest techniques in miniature-sized memory and processor components production, allowing the company to provide a fully functional sub-micro computer on a micro thin circuit board embedded inside a credit card and identity card for instant fingerprint recognition. SMME strives to build an ever-growing base of clients and partners around the world.

Global fraud losses worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years according to The Nilson Report, the leading global card and mobile payments trade publication. Losses of $27.85 billion in 2018 were up from $23.97 billion the year before. Credit, Debit and Pre-Paid cards generated $40.582 in transactions in 2018. An increase of 17.7% over 2017.

By 2023 total credit, debit and other payment card transaction volume is projected to reach $57.080 trillion. Gross card fraud is projected to reach $35.67 billion. It is further projected that by 2027 total card transactions will total $71.593 trillion.

SMME is positioned to address this huge and growing financial threat as 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. 

  • Status of the SMME Technology Platform and Forward Projections

SMME is currently working with a global payments network (the largest in the world, actually).  This network has moved to allowing small trials and is now adopting formal rules and regulations for biometric cards. They have just stepped up from allowing small trials with banks to fully fledged adoption. This adoption of biometric cards came into effect during March of 2021. Release and sale of biometric cards to banks cannot currently be done on a waiver basis.  That was for the “testing” period.

The significant development at this point is that the global card network has now formally adopted biometric cards as an official product line that can operate on their network and that their member banks can now issue these cards.  This is a milestone point towards the ultimate objective of full scale global usage which can mean millions or tens of millions of users. 

In order to have the SMME card approved to operate on the global payments network SMME engineers have to meet the network’s newly adopted rules and regulations for biometric cards. One of those new rules is that the card must be able to differentiate between a live finger and a false finger. This requirement was just made clear to the company by the network in March.  The network also made it clear that this capability was one of the major features that will be subject to their biometric card testing process.  SMME was granted a license by the network to submit its card to their designated testing lab for biometric cards.

As per the company announcement on May 7th (details below) SMME is expecting to have its new card with this key feature completed over the next three months.  At which time SMME will then submit its card to the network’s lab for thorough and robust testing.  There is no assurance how long this testing will take but SMME management is assuming within a three month period from time of submission.

This was a massive engineering task the SMME development team has had to do to meet the fake fingerprint rejection requirement.  However, they have been able to invent and engineer a workable solution. SMME management believes that no other company has anything comparable to the incredible solution they have invented.

No banks on this global card networks system can use a biometric card that hasn’t been through the new testing regime and been approved for operation on the network. 

SMME is an official Technology Partner with this card network.  As a part of the agreement with them SMME is not currently allowed to mention their name.  However, after going through the card testing process SMME believes it will eventually be able to then announce to the world the name of the global payments network involved and more details of their full relationship. 

  • Anti-Spoofing Technology for On the Card Fingerprint Sensor Using Real Time Liveness Detection for SMME Biometric Credit and Debit Cards

On May 7th SMME announced it has invented a hardware and software solution that detects whether or not the finger being used to activate the card is from an actual person or not. This “liveness detection” technology developed by SMME is designed to defeat attempted fingerprint spoofing using such things as a copy of person’s fingerprint replicated using a silicon fingerprint replica.

SMME has spent the last 12 months perfecting its fingerprint anti-spoofing technology and is now readying its product for vigorous payment network testing and certification. The hardware and software solution has required a major engineering effort that has caused a complete redesign of the SMME biometric cards’ internal electronics as needed to meet the stringent security requirements of today’s global credit card industry. Testing of the new card will commence shortly with a three month estimated time frame to complete payment network testing.

The SMME electronic credit card has an ARM Cortex processor, up to a Gigabyte and beyond memory, contact and contactless standard credit card interface for all credit card readers and ATMs, a stable rechargeable battery, a rapid recharge power management system that recharges the card’s internal battery when used at a standard card reader, all while still meeting ISO standard size and thickness for credit cards. In addition the SMME card has now incorporated live fingerprint detection, thwarting scammers who want to try and use a replica of a person’s fingerprint.

Along with anti-spoofing technology developed by SMME, the card has its own internal cryptographic vault that uses state-of-the-art cryptography to protect data stored inside the card. From medical records, transaction history to Government sanctioned cryptocurrencies, the SMME electronic credit card opens up a brave new world of hybrid functionality for the credit card, while all the time protected by the card user’s own fingerprint biometrics.

 

SmartMetric, Inc. (OTCQB: SMME): reports fraud losses worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years according to The Nilson Report, the leading global card and mobile payments trade publication.

Losses of $27.85 billion in 2018 were up from $23.97 billion the year before. Credit, Debit and Pre-Paid cards generated $40.582 in transactions in 2018. An increase of 17.7% over 2017.

By 2023 total credit, debit and other payment card transaction volume is projected to reach $57.080 trillion. Gross card fraud is projected to reach $35.67 billion. It is further projected that by 2027 total card transactions will total $71.593 trillion.

“It has been long rumored that credit and debit cards will be replaced by other forms of payment but the reality is that credit and debit cards remain the most favored format for point of sale non-cash payments. Further it is being projected by industry analysts that this dominance in payments will continue going forward with a staggering $71,593 Trillion in transaction value by 2027,” said today SmartMetric’s President and CEO, Chaya Hendrick.

SMME has embedded a fully functional fingerprint scanner inside the standard chip-based credit and debit card. It allows the card to be locked and only able to be used following the legitimate cardholder touching the sensor on the card’s surface triggering a sub second fingerprint scan and match with the users pre-stored fingerprint stored inside the card.

The SmartMetric biometric fingerprint activated credit/debit card is easy to use and allows an easy to enroll of a person’s fingerprint. The cardholders’ fingerprint is stored and encrypted inside the SmartMetric biometric card in a one-time touch and store process. Similar to the simplicity and ease of storing a fingerprint on a mobile phone. SmartMetric secure user storage of the cardholders’ fingerprint does not require additional fingerprint reading devices in Bank branches for enrolling fingerprints. This allows the SmartMetric biometric card solution to be easily used by mass card issuers without having to change their distribution methods.

SMME’s Biometric security used to activate the credit/debit card provides a much more enhanced level of security beyond the simple four-digit PIN. This enhanced security represents a major advance in the protection of cardholders and card issuing banks alike.

The current manufacturing capacity of the SmartMetric biometric credit/debit card is more than 1 million cards a month.

An independent research company has projected that estimated biometric credit/debit cards worldwide over the next few years will exceed 500 million cards. According to industry figures, over 9 billion credit/debit chip-based cards have been issued globally.

SMME is a USA based company with sales and marketing partnerships in Latin America, Europe 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 company website: www.smartmetric.com

To view the SmartMetric Biometric Card please follow this link – Video of the SmartMetric Biometric Card.

SmartMetric, Inc. engages in the development of miniature electronic systems and software. Its product includes fingerprint sensor debit cards. The company was founded by Chaya Coleena Hendrick on December 18, 2002 and is headquartered in Las Vegas, NV.

SmartMetric, Inc. is a technology engineering company that has developed miniature electronic systems and software for use in the field of Biometric identification and validation for the payments, security access and identity validation sectors.

SmartMetric, Inc. is registered in the State of Nevada. Based in the United States, it has research and development centers in Buenos Aires, Palo Alto and Tel-Aviv.

 

Company Website:

smartmetric.com

Contact Info:

3960 Howard Hughes Parkway
Suite 500
Las Vegas, NV 89169
Telephone: (702) 990-3687

Key Personnel

CHAYA HENDRICK

Founder, Director, President & CEO – SmartMetric Inc.: Ms. Hendrick is the founder and technology inventor of SmartMetric, Inc. and has been a successful entrepreneur, business executive and technology inventor for 30 years.  Ms. Hendrick has established a proven track record of outstanding financial returns and successful product launches across a wide spectrum of business initiatives.  Ms. Hendrick secured key patents for the technology she invented, with key patents dating back to 1999.

ELIZABETH RYBA

Director & VP Marketing – SmartMetric Inc.: Ms. Ryba has been a director of SmartMetric since April, 2006, and brings to SmartMetric her more than 16 years of experience in the credit card industry, with significant experience in promotions, business development and Smartcard technolgy, including customer brand loyalty programs. Ms. Ryba was a promotion director at Hearst Publishing from 2002 through 2005. Prior to that position, between 2001 and 2004 Ms. Ryba was a consultant at Stratus Rewards Credit Cards, where she was instrumental in launching the Visa Luxury credit card, where points were redeemable on private jets. Between 2000 and 2001, Ms. Ryba worked as a Marketing Consultant for SpaFinder, helping generate new clients and increasing revenues. In 1991 through 1999, Ms. Ryba worked at Master Card where she worked on strategic international marketing efforts. Ms. Ryba holds an M.S. in Marketing from the University of Illinois, and her B.A. in English from the State University of New York at Stony Brook.

JAY NEEDELMAN

Director – Chief Financial Officer – SmartMetric Inc.: Mr. Needleman, CPA, has been the Chief Financial Officer for SmartMetric since July 2004, and offers over 17 years of experience in public accounting.  A 1991 graduate of Florida State University in Tallahassee, Fl, Mr. Needelman began his career in public accounting in Miami, Fl, in 1991.  After working briefly for two different firms in his first year in business, Mr. Needelman founded his own firm in late 1992, where he grew his practice by focusing on outstanding customer service and dedication to the needs of his customers.

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