SmartMetric, Inc. (OTCQB: SMME) — According to a recent survey, 36 percent of credit and debit card users said they have cancelled a debit/credit card or closed their accounts entirely due to security concerns.
In order to fight card fraud, card issuers and payments networks must draw a fine line between using restrictive security algorithms and permitting the use of their cards at the point of sale. Being too aggressive with automatic machine-based acceptance and decline computer based decision making has lead to a significant loss of business on the part of both merchants and card issuers and their payments networks.
51 percent of consumers say they have had a transaction declined because their banks mistakenly suspected fraudulent activity. That is a lot of potential business being affected by machine-based security algorithms and not to mention the embarrassment from a transaction being declined being seriously detrimental to the customer and card issuing bank relationship.
A better way of identifying the card user is the legitimate user of the card has been created by SmartMetric. Using a very small nano fingerprint scanner that sits inside the credit/debit card, the card holder’s own fingerprint biometrics is used to unlock the card prior to its use in a card reader or ATM.
“Totally frictionless, as the card user touches the sensor on the card’s surface in less time than it takes to reach across to insert the card into the card reader or ATM, the card has scanned and matched the user’s fingerprint and activated the card with a 100% validation of the card user prior to the card being used,” said today SmartMetric’s President & CEO, Chaya Hendrick.
SmartMetric has produced a credit and debit card that 100% verifies the identity of the card user. Simply, the card will not work unless and until the card’s internal nano fingerprint scanner has scanned the cardholder’s fingerprint and uses a 100% fingerprint match to turn on the card.
SmartMetric is 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.
Source data: https://www.featurespace.com/newsroom/
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