NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME): Unlike standard credit and debit cards that rely on the questionable security of PINs and CVVs for user validation, the biometric credit card solution SmartMetric provides 100% card user validation immediately before the card is inserted into a credit card reader or ATM.
In other words, the credit or debit card’s chip and/or the card’s internal RFID used for NFC contactless payments will not work without the card user’s fingerprint. first successfully compared to his fingerprint which is already stored inside the card.
At no time does the user’s fingerprint leave the card security. The SmartMetric biometric card does not store the user’s fingerprint on a centralized computer. Instead, the user’s fingerprint is securely stored inside the SmartMetric card protected behind a highly encrypted firewall.
When a cardholder first receives their card, all they need to do is store their fingerprint inside the card. Just like when a person gets a smartphone and they touch the phone screen 3 or 4 times to have their fingerprint registered and stored inside the phone, the same is true with the SmartMetric biometric card. All the cardholder needs to do is touch the card’s fingerprint sensor 3-4 times and the user’s fingerprint will be permanently stored inside the credit card or debit.
Ease of use and especially the ease of storing a first-time card user’s fingerprint is very important in credit card markets such as the United States. The largest credit card issuing banks in the United States distribute their credit cards to new cardholders by mail. One method of inserting the card user’s fingerprint into a card is to have it come to a bank branch and use a specialized fingerprint reader which copies the person’s fingerprint and then stores it in the new map. For most large-scale credit card issuers, this is not efficient, and in the case of some, not even possible given their limited branch presence.
“Having a simple yet highly secure method for a card user to first install their fingerprint inside the card, which would also work with existing large-scale credit card issuers, was of the most importance to SmartMetric’s electronic design team,” said Chaya Hendrick, President and CEO of SmartMetric.
Simple and frictionless
Once the cardholder’s fingerprint is stored inside the card, all the card user needs to do is touch the fingerprint sensor on the surface. In less time than it takes to insert the card into a credit or debit card reader, the card has scanned the user’s fingerprint and compared it to the pre-registered fingerprint at inside the card. Upon a successful fingerprint match, the cards are activated so that they can complete a card transaction.
The ease of use of the SmartMetric biometric card, along with the fact that it is powered by the internal SmartMetric green battery before the card is inserted into a reader to power the internal processor performing the fingerprint scan, means that the SmartMetric biometric card is the only card that can work on all types of card readers and all situations. Biometric cards that do not have an independent internal power supply are very limited on where these cards can be used.
A big advantage for credit card users as well as banks in the fight against card fraud is the fact that the SmartMetric biometric card cannot be activated if someone else tries to use the card. .
“The chip and RFID/NFC are only activated for use after a fingerprint match on the card, providing very strong biometric security for the next generation of credit cards,” said Chaya Hendrick, President and CEO of SmartMetric.
SmartMetric’s biometric card addresses the existing multi-billion chip credit and debit card market. The figures published by EMVCo1 reveal that by the end of 2020, 10.8 billion EMV® smart cards were issued by financial institutions and were in circulation around the world – a massive increase of nearly a billion EMV credits and debits® charts compared to the previous twelve months.
To view the SmartMetric Biometric Card, please follow this link – SmartMetric Biometric Card Video. To visit the company’s website: www.smartmetric.com.
1 Data source: 10 billion and counting: what is the latest EMV?® Chip Data Means for Global Payments – EMVCo
EMV is a registered trademark of EMVCo.
Safe Harbor Statement: The forward-looking statements contained in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, such forward-looking statements are as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our actual results, performance or achievements may differ materially from those expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by using words such as “may”, “could”, “expect”, “intend”, “plan”, “seek”, “anticipate” , “believe”, “estimate”, “predict”, “potential”, “continue”, “probable”, “should”, “would” and variations of these similar terms and expressions, or the negative of these terms or expressions similar. These forward-looking statements are necessarily based on estimates and assumptions that, although considered reasonable by us and our management, are inherently uncertain. Factors that could cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to fund current operations or implement our growth plans; changes in the competitive environment of our industry and the markets in which we operate; our ability to access capital markets; and other risks discussed in the Company’s filings with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K, which documents are available from the SEC. We caution you not to place undue reliance on forward-looking statements, which are made as of the date of this press release. We undertake no obligation to publicly update these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting the forward-looking statements, except to the extent required. by applicable laws. If we update one or more forward-looking statements, no conclusion should be drawn that we will make additional updates with respect to such or other forward-looking statements. Investors and security holders are urged to carefully review and review each of SmartMetric Inc.’s public filings with the SEC, including, but not limited to, where applicable, annual form reports. 10-K, proxy statements, Current Reports on Form 8-K, and Quarterly Reports on Form 10-Q.
