In a recent talk, SmartMetric President and CEO Chaya Hendrick stated that merchants in the US are losing approximately USD190bn a year to credit card fraud with the majority accounting for online fraud.
The statistic comes from a Lexis Nexis study: “The True Cost of Fraud” which highlights that merchants are losing almost twenty times as much as banks who are losing USD11bn annually. Moreover, customers are losing about USD4.8bn annually.
SmartMetric have developed a Biometric payments card can be used for safeguarding both online and off online retail transactions with a simple and inexpensive computer adaptor that can be bundled with the SmartMetric biometric card and also the same fraud safeguarding SmartMetric Biometric EMV card. This enables usage at millions of ATM and retail card reading machines around the world, while at the same time being used to safeguard consumers, merchants and financial institutions alike from fraud.
SmartMetric has developed a fingerprint reader that sits inside a person’s ATM or Credit Card. It 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 banks 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.