SmartMetric Says Why Fingerprint Biometric-Activated Credit Cards Are Safer Than Regular Credit Cards

Rhea-AI Summary

SmartMetric (OTC: SMME) has developed a fingerprint biometric-activated credit card that offers enhanced security compared to traditional cards. The card features a miniature nano fingerprint scanner that activates the card only after a 100% match with the user's pre-stored fingerprint. Key advantages include:

1. Enhanced security through biometric authentication
2. Reduction in fraudulent activities
3. Convenience without compromising security
4. Elimination of card sharing risks
5. Advanced anti-tampering features
6. No need for external power sources
7. Improved data privacy

The card works with all types of credit card readers, including contactless and ATM readers, thanks to its inbuilt rechargeable battery. SmartMetric has completed manufacturing after overcoming pandemic-related supply chain issues.

Positive

• SmartMetric has completed manufacturing of its advanced biometric fingerprint activated credit card
• The card features a unique inbuilt rechargeable battery allowing use with all types of credit card readers
• Implemented live fingerprint detection to foil fake fingerprints from thieves
• Card works with contactless, standard contact payments, and ATM transactions

Negative

• Development process took longer than expected due to pandemic supply chain issues
• Significant investment of millions of dollars in research and development

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) In an era where digital transactions dominate, the security of credit cards has become a paramount concern. Traditional credit cards, while convenient, are increasingly vulnerable to fraud and theft. To address these concerns, a new generation of credit cards equipped with fingerprint biometric technology has emerged. These biometric-activated credit cards offer a significantly safer alternative to regular credit cards, leveraging advanced technology to enhance security and user experience. Here’s why they are considered safer:

1. Enhanced Security through Biometric Authentication

The most significant advantage of fingerprint biometric-activated credit cards is the use of biometric data for authentication. Unlike traditional credit cards that rely on a PIN or signature, biometric cards require the cardholder's fingerprint to authorize transactions. Since fingerprints are unique to each individual, this system ensures that only the rightful owner of the card can use it. This biometric verification adds an additional layer of security that is far more difficult for fraudsters to bypass compared to conventional methods.

2. Reduction in Fraudulent Activities

Traditional credit cards are susceptible to various types of fraud, including skimming, cloning, and unauthorized use after theft. With biometric-activated credit cards, even if the card is stolen, the thief cannot use it without the cardholder's fingerprint. This drastically reduces the chances of fraudulent activities. Additionally, since biometric data cannot be easily replicated, the risk of counterfeit cards is significantly lower, offering consumers peace of mind when making transactions.

3. Convenience without Compromising Security

Biometric credit cards offer the perfect blend of security and convenience. Users can authorize transactions quickly and securely with a simple fingerprint scan, eliminating the need to remember and input a PIN. This streamlined process is not only faster but also reduces the likelihood of someone observing and stealing your PIN, a common issue with regular credit cards.

4. Elimination of Card Sharing Risks

One of the inherent risks with regular credit cards is the potential for card sharing, where someone other than the cardholder uses the card with or without permission. Biometric credit cards eliminate this risk, as the card is linked to the specific biometric data of the cardholder. This ensures that only the authorized user can access the card’s functionality, thereby reducing the chances of misuse.

5. Advanced Anti-Tampering Features

Fingerprint biometric-activated credit cards often come equipped with advanced anti-tampering features. If someone attempts to alter or tamper with the biometric sensor, the card can automatically deactivate itself or alert the issuer. This proactive measure adds another layer of protection, safeguarding the cardholder from potential security breaches.

6. No Need for External Power Sources

Despite incorporating advanced biometric technology, these cards do not require external power sources, such as batteries. They are powered by the card reader itself when inserted, ensuring that they function seamlessly like any other credit card while offering enhanced security features.

7. Improved Data Privacy

Biometric credit cards are designed with data privacy in mind. The fingerprint data is typically stored locally on the card, not in a central database, minimizing the risk of data breaches. This localized storage means that even if a hacker were to breach the credit card issuer's systems, they would not be able to access or misuse the cardholder’s biometric information.

Fingerprint biometric-activated credit cards represent a significant leap forward in credit card security. By incorporating biometric authentication, these cards offer enhanced protection against fraud, reduce the risk of unauthorized transactions, and provide a more convenient user experience. As security concerns continue to evolve, the adoption of biometric credit cards is likely to increase, offering consumers a safer and more reliable way to conduct digital transactions.

SmartMetric has successfully embedded inside a credit card a miniature nano fingerprint scanner that is used to scan the cardholder’s fingerprint in less than a second. Upon what is an instant scan and match with the users pre-stored fingerprint that is encrypted and stored inside the card the card is then only turned on following a 100% match with the card users’ fingerprint.

After over a decade of development and following pandemic supply chain issues during the companies reengineering of its biometric fingerprint activated credit card, SmartMetric has completed the manufacture of its advanced biometric card.

“Implementing new advances into its biometric fingerprint scanner built inside the credit card such as live fingerprint detection has taken a lot longer than we would have hoped but we are glad to have finally reached this stage after such a long and lengthy development process,” said SmartMetric’s President and CEO Chaya Hendrick.

The SmartMetric biometric fingerprint scanning credit card is unique in the world in that it is the first and only such card that has an inbuilt rechargeable battery allowing the card to be used at any type of credit card reader including contactless and ATM readers.

Inside the card is also a hardware engineered solution that senses when an actual live fingerprint is used on the card that foils fake fingerprints from thieves.

“Our amazing fingerprint activated biometric credit card is years ahead of anyone else and will provide a quantum leap in anti credit card fraud for banks and consumers alike,” said Chaya Hendrick.

A fingerprint scan credit card is a type of biometric card that uses a built-in fingerprint scanner to verify the identity of the cardholder when they try to make a payment. This technology is designed to enhance the security and convenience of credit card transactions, especially for contactless payments as well as standard contact payments and ATM transactions.

It has taken years of research and development to perfect the internal power system within the SmartMetric finger scan card. Millions of dollars in research and development have been invested to create the only card of its kind in the world that will work at all card readers. A card that is simple to download your fingerprint into the card at home without the fear and inconvenience of going somewhere else to have your fingerprint scanned and stored into the card.

The SmartMetric finger scan card is light years ahead and brings the reality of full biometric security technology to the ubiquitous credit and debit card world.

Credit cards still dominate the way consumer make payments. Non credit card payments such as phones account for less than 5% of payment transactions while the majority of transactions are done using either a credit or debit card.

According to a report published by Forbes Adviser on March 9, 2023 “Over the past year, nearly half the population (47.5%) opened at least one new account, bringing the total number of accounts to over 518 million by the end of 2022.” ¹

For more information on the SmartMetric biometric fingerprint secured credit card please go to the company website at www.smartmetric.com.

¹ Credit Card Statistics And Trends 2024 – Forbes Advisor

Safe Harbor Statement: Forward-Looking Statements 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. Also such forward-looking statements are within the meaning of that term 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 these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may 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 plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240827503501/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687

Mobile: (305) 607-3910 (Pacific Time)

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What is the main feature of SmartMetric's (SMME) new credit card?

SmartMetric's new credit card features a miniature nano fingerprint scanner that activates the card only after a 100% match with the user's pre-stored fingerprint, enhancing security for transactions.

How does SmartMetric's (SMME) biometric credit card work with different card readers?

The SmartMetric biometric credit card has an inbuilt rechargeable battery, allowing it to work with all types of credit card readers, including contactless and ATM readers.

What security features does SmartMetric's (SMME) biometric credit card offer?

SmartMetric's biometric credit card offers enhanced security through fingerprint authentication, reduction in fraudulent activities, elimination of card sharing risks, and advanced anti-tampering features.

How does SmartMetric (SMME) protect against fake fingerprints?

SmartMetric's biometric credit card includes a hardware engineered solution that senses when an actual live fingerprint is used, helping to foil attempts to use fake fingerprints.