SmartMetric, Inc. President & CEO Chaya Hendrick has announced that card fraud costs the US card payments industry an estimated USD 8.6 billion per year.
Using a person’s fingerprint to activate the “EMV” ATM or Credit Card will protect both financial institutions and card holders against significant fraud. Therefore SmartMetric has developed a fingerprint reader that sits inside a person’s ATM or Credit Card.
The reader is self powered allowing it to perform a fingerprint match while a person is standing at a retail checkout or on the street at an ATM. A person simply swipes their finger across the SmartMetric sensor on the surface of the card and the card’s internal computer processor performs a match with the person’s fingerprint that is pre-stored in the memory of the card itself. For added security a person’s fingerprint is always stored and encrypted inside the card and is not stored on a bank’s computer. When a match occurs, the card’s EMV surface mounted chip is then turned on allowing a transaction at the millions of ATM and retail card machines around the world.
Banks don’t have to retrofit existing retail ATM’s or POS retail card readers to make them biometric compatible since the SmartMetric system is built around the banking industry standard EMV system.
It works using the industry standard EMV chip on the surface of the card so that the SmartMetric biometric activated card is compatible for use throughout the payments industry worldwide.
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