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SmartMetric, Inc. (OTC:SMME)

SmartMetric Stock Symbol: SMME

The Maker of Biometric Activated Credit & Debit Cards

Credit and Debit Card Biometric Protection via Contact and Contactless Tech with Energy Harvesting and Internal Battery: SmartMetric, Inc. (OTCQB: SMME)

  • Biometric Fingerprint Scanning for Credit & Debit Card Fraud Protection.
  • Working with One of the World’s Largest Credit Card Network Brands.
  • Sales and Marketing Partnerships in Latin America, Europe and the US.
  • Introducing Multi Function Contact & Contactless Biometric Fingerprint Card Tech Using Energy Harvesting with Internal Battery.
  • SMME Sees in 2022 Major Credit Card Issuing Banks Will Move Forward with Adoption of Advanced Biometric Technology-Based Cards.

SmartMetric, Inc. (OTCQB: 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.

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 SMME. For the company’s planned commercial launch in 2022, the SMME development team is working with one of the world’s largest credit card network brands.

  • Combined Multi Function Contact & Contactless Biometric Fingerprint Activated Credit Card Using Energy Harvesting and Internal Battery

On January 26th SMME announced it has developed a biometric activated credit/debit card that uses standard credit card readers and ATM’s where the card is inserted into the reader as well as operating wirelessly using the credit and debit card readers RFID reading capability.

Credit and debit cards that are used in the standard credit card reader where the user puts the credit card into a physical slot on the card reader are called a contact cards. A credit and debit card that isn’t inserted into a card reader but rather is held over the top of the reader is called a contactless card. This operates on an RFID emission from the reader that reads an internal RFID chip sitting inside the card. Cards that have both contact function as well as the non-contact function are called dual interface cards.

SMME has created a dual interface biometric fingerprint activated “dual interface” card that can be easily use across all credit and debit card reader types. Further the SMME dual interface biometric card allows for multi sourced power and power recharging. When being used contactless by bringing the card into the proximity of a contactless card reader then the SMME card harvests power from the RFID electronic field being emitted from the card reader. This energy is used to power the cards internal processor used to perform the rapid sub one second biometric fingerprint match. Importantly, not only is the card powered through this wireless energy emission but excess power is harvested wirelessly to recharge the cards internal battery.

In the case of the card being inserted into a standard credit/debit card reader or ATM the SMME card is able to draw power directly from the card reader providing a rapid recharge of the card’s internal battery. The card’s internal battery is used to power a fingerprint scan by the card prior to its insertion into the card reader or ATM.

A dual interface card with both contact and contactless energy acquisition is something that makes the SMME biometric card a truly all situations and all card reading types solution for card issuing banks. This takes the credit card security to the next level beyond the less secure PIN number that is used today on credit and debit cards. Using biometric technology built into the card is a giant leap forward for credit and debit card security.

Because the SMME biometric card allows the card to be used in all real-life situations and isn’t bound to being held by the user while a transaction is taking place, SMME confidently believes that its biometric card solution is truly the most advanced and leading biometric card product in the world and the only truly practical biometric card solution for consumers and banks alike.

SMME addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo 1 reveal that by year end of 2020, 10.8 billion EMV® chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 billion credit and debit EMV® cards compared to the previous twelve months.

  • Biometric Credit Card with on the Card Fingerprint Recognition

On January 18th SMME announced in order to combat the ever-increasing battle against credit card fraud the company embarked on developing a safer and more secure credit card that has built inside of it real time instant user biometric fingerprint recognition.

The SMME credit card’s surface mounted chip is only able to work following an exact match of the card user’s fingerprint that has been prestored inside of the credit card. This means the card’s transaction chip is unable to function and complete a transaction if there is no biometric fingerprint match with the card user.

“SmartMetric is working on having its biometric card approved for use on a major global payments network that when the testing and approval is completed, will allow card issuing Banks and Financial Institutions around the world to adopt and use the ground breaking card technology developed by SmartMetric,” said SMME President and CEO, Chaya Hendrick.

What sets the SMME biometric card solution apart from the one or two biometric card companies trying to mimic the SMME biometric credit card is that the SMME card is designed with its own internal power source. This enables the card to function and perform the fingerprint scan prior to the card being inserted into a reader. Allowing the card to be used at regular ATMs and in situations where the card is used in places like a restaurant where the card is taken away from the dining table to be processed. Touch and store read once technology developed by SMME for its biometric card allows mass card issuing financial institutions to issue their cards direct to the consumers as they normally do without the need for consumers to come into a bank branch to activate their new biometric card.

  • Biometric Credit Cards are the Next Big Thing for the Banking Industry

On January 6th SMME announced according to independent consumer research contracted by SMME, 80% of U.S. cardholders are seriously concerned about credit card and identity theft, and 67% say they wouldn’t mind paying for biometric cards.

Research by Visa is in line with SMME research.

  • More than 65% of consumers are already familiar with biometrics
  • 86% are interested in using biometrics to verify identities or make payments
  • 70% believe that biometrics are easier than using passwords or PINs

The SMME biometric card solution for banks provides a huge leap forward in credit card security moving security away from PINs and signatures to the vastly stronger biometric fingerprint of the card user.

Built inside the SMME biometric card is a fully functional fingerprint scanner. The scanner along with the powerful internal ARM Cortex processor stores the card holders’ fingerprint inside the card. At no time does the persons fingerprint ever leave the card and it doesn’t require the Bank to hold the card holders’ fingerprint.

Embedding the card holders’ fingerprint into their biometric credit card is as easy as storing your fingerprint on your mobile phone. When the card user receives their card from their bank they simply touch the square sensor on the cards surface four times and thereafter the users fingerprint is permanently stored inside the card. From now on the card will only work in conjunction with the card holder touching the cards little square sensor on the top of the card.

According to industry data there are now more than 11 Billion chip-based payment cards issued globally. The SMME biometric card solution uses its miniature fingerprint scanner inside the card to identify and validate the card user and in under a second following a fingerprint match the card is then “turned on”. Enabling it to perform a credit card transaction.

  • SMME Says the Continued Blow Out in the Cost of Fraud for United States Merchants, Now Estimated at More Than $39 Billion, Is Unsustainable

On December 27th SMME announced the LexisNexis cost of fraud report for 2021 has shown a significant increase since just before COVID-19. Every $1 of fraud costs U.S. merchants $3.60 compared to $3.13 in the pre-COVID time period (+15.0%). The significant percent of identity-related fraud continues to be at the point of sale. 

According to the Merchant Risk Council estimates that by the end of 2020, the US saw $11 Billion in credit card fraud losses. The US is responsible for one-third of the world’s credit card fraud, and 2020 saw even higher figures than previously. Using the Lexis Nexis true cost of fraud multiplier that takes into account the total losses experienced by a merchant this $11 Billion in credit card fraud would result in an actual real-life loss to United States merchants of over $39.6 Billion.

The multiplier effect of fraud takes into account the cost of restocking lost merchandise, staff hours, shipping costs etc. It estimates the total amount of loss a firm incurs based on the actual dollar value of a fraudulent transaction

As the leader in fingerprint activated biometric credit cards SMME sees 2022 as the year that major credit card issuing banks around the world will move forward with the adoption of advanced biometric technology-based cards. “Biometric fingerprint activated credit cards is a powerful new weapon in fighting the ongoing war against fraudsters said today, Chaya Hendrick, President and CEO of SMME.

For more information on SmartMetric, Inc. (SMME) visit: https://www.smartmetric.com .

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.