SMARTMETRIC, INC. NEW YORK, Nov. 22, 2017 (GLOBE NEWSWIRE) -- SmartMetric, Inc. (OTCQB:SMME) – The 2017 Identity Fraud Study released by Javelin Strategy & Research*, shows the rate of fraud incidence increased by sixteen percent. This is a record high since Javelin Strategy & Research began tracking identity fraud in 2003. The study found that fraudsters successfully adapted to net two million more victims in 2016 with the dollar amount fraudsters stole increasing by nearly one billion dollars over the previous year, to $16 billion.
This is a horrible level of fraud related theft that is in much due to the insecure technology and methods used in the payments industry, said today SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric has created a credit card and security card that is activated following the card holders biometric fingerprint being scanned by the SmartMetric miniature fingerprint scanner resident inside the card. The company has spent more than a decade in developing this ground-breaking technology that now puts SmartMetric at the forefront of biometric security technology for the payment and security industries.
Having completed prototypes and small run production SmartMetric is now able to do large scale production runs of more than a million cards a month with the ability to upscale this volume considerably on relative short notice.
The biometric card solution for credit cards uses the standard chip card that is activated following a persons fingerprint being scanned when the card holder simply touches the cards surface. In less than a second a fingerprint scan, match and activation takes place. This uses a person’s biometrics as the master key to unlock the card and without it the card will not work.
As of the last published industry figures there are now more than 4 billion chip cards in circulation around the world. It is estimated that more than 1 billion chip cards have now been issued in the United States.
SmartMetric is pleased that its biometric card is now protected by five new additional patents. It is only right that the company that has lead the world in developing a biometric credit/smart card should now be able to enjoy the economic benefit of its intellectual property Chaya Hendrick said.
SmartMetric presented its latest biometric card that is as thin as a standard credit card, at the recent Money 20/20 conference in Las Vegas. The company has developed both a biometric fingerprint activated card as well as a multi-function physical, logical access and identity biometric activated card.
“We are seeing a lot of interest from both the security sector as well as the banking sector. We have now turned a corner particularly in the Banking industry where it is being acknowledged that the SmartMetric biometric card technology pioneered by SmartMetric, is the next logical step in providing stronger payments card security, Chaya Hendrick said.”
To view the SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card
To view the company website: www.smartmetric.com
*EMV is a registered trade mark of EMVco. Source: https://www.emvco.com/about/deployment-statistics/ Disclaimer: EMVco is not associated with SmartMetric,Inc. Javelin Strategy & Research* is not associated with SmartMetric. https://www.javelinstrategy.com/press-release/identity-fraud-hits-record-high-154-million-us-victims-2016-16-percent-according-new
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