NEW YORK–(BUSINESS WIRE)–
SmartMetric, Inc. (SMME) While credit card usage continues to grow, so do the incidents of credit and debit card fraud. According to a research report by “the ascent from Motley Fool,” 42.6% of baby boomers in the United States have become victims of credit card fraud.
The average percentage of victims is reported at 35%, comprising 33.1% of Millennials, 37.6% of Generation X and 42.6% of Baby Boomers.
Payment preferences amongst all card users showed that the majority used Debit Cards over Credit Cards. Research respondents showed 57.5% preferred Debit Cards while only 35.7% chose to use Credit Cards and only 6.8% used cash for their payments.
Debit Cards now with embedded radio frequency technology (NFC) pose a greater risk for consumers going forward as they are now being issued by all the major banks in the United States. You may not realize it but if you have received a Debit Card over the past year in all likelihood it has an inbuilt antennae that allows all your card information to be transmitted wirelessly. This of course allows the card to be read by any semi-technology-literate hacker who wants to scoop up your card information.
“Realizing the security issue of hackers stealing card information has led to SmartMetric creating a biometric fingerprint recognition Debit and Credit card that uses the card holder’s fingerprint to turn on the card’s chip and now the card’s antennae,” said today SmartMetric’s President and CEO, Chaya Hendrick.
The SmartMetric biometric fingerprint activated Debit and Credit Card has a nano fingerprint scanner built inside the card which is used to scan the card holder’s fingerprint when they touch the card.
The United States has more than 842 million credit and debit cards as of the last quarter of 2018. The world total of chip-based Credit and Debit Cards is now more than 8.2 billion cards. This is an increase of over a billion Credit and Debit Card increase from the previous year.
Using the SmartMetric miniaturized fingerprint scanner technology, SmartMetric has now brought biometric security technology to the now all-pervasive Credit and Debit Card.
SmartMetric holds issued patents on its technology. Years of research and development have now culminated in a world class leading product in the biometric IOT space.
SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe the United Stated. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company. SmartMetric has various patents pending and has five significant issued patents.
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