SmartMetric Brings Biometric Authentication to the Estimated 1.6 Billion Chip and PIN Cards Used Around the World
March 24 2014 - 11:22AM
Marketwired
SmartMetric Brings Biometric Authentication to the Estimated 1.6
Billion Chip and PIN Cards Used Around the World
NEW YORK, NY--(Marketwired - Mar 24, 2014) - SmartMetric, Inc.
(OTCQB: SMME): According to a recent reported statement by the
National Retailers Federation, JPMorgan Chase in the United States
that has been issuing chip and signature credit cards now,
following the large scale Target card fraud, has decided to switch
its USA EMV roll out to chip and PIN.
SmartMetric, the developer of chip and fingerprint payment
cards, welcomes the move by JPMorgan Chase to adopt chip and PIN in
the United States in line with the 1.6 billion chip and PIN EMV
cards already being used in the banking sector around the world.
The use of chip and PIN EMV cards when deployed has seen a dramatic
reduction in fraud; for instance, card fraud rates in the United
Kingdom dropped a staggering 50% to 60% five years ago following
the adoption of chip and PIN EMV payment cards. The reliance
on PIN codes, however, has remained the weak link in the security
chain seeing fraudsters developing methods to defeat PIN
security.
The SmartMetric fingerprint scanner built into a person's card
adds biometric security as a second authentication layer onto chip
and PIN cards providing a much stronger level of security to that
of cards that rely solely on PINs. The fingerprint of the card
owner is used to turn on the card's EMV chip, allowing the card to
then accept a PIN code at the retailer's card reader. This new
biometric card technology by SmartMetric has the potential to save
billions of dollars a year for the card and banking industry. The
biometric card technology is backward compatible with existing EMV
card systems according to SmartMetric's President and CEO, Chaya
Hendrick.
SmartMetric is readying to commence manufacturing of both its
fingerprint EMV cards and its MedicalKeyring that is used to store
a person's medical files protected by the user's
biometrics. The company last year did a limited release of its
MedicalKeyring resulting in limited sales. Following the
experience gained the company reconfigured its product and used the
opportunity to make further advances to its internal electronics,
bringing about substantial cost savings. With the new
electronics SmartMetric has seen a manufacturing cost reduction for
both the card and MedicalKeyring of over 50%. The company has
also made significant advances in protecting its electronics from
heat, pressure and reverse engineering allowing both of its
products to be contract manufactured rather than SmartMetric having
to build and operate its own facility. This allows SmartMetric
to go into mass production much quicker than previously planned
according to the company President.
The SmartMetric fingerprint card is fully compatible with
existing chip card systems. According to EMV.co there are more than
1.6 billion EMV chip cards issued by banks around the world.
SmartMetric has designed its technology to be able to be adopted by
card issuers while conforming to existing card specifications.
About SmartMetric SmartMetric, Inc. (OTCQB: SMME) is the owner
of a USPTO issued patent covering the use of smartcards (EMV cards
are smart cards) that connect to networks. The company develops
biometric smart cards including EMV and access control cards used
for payments, security and identification. For information on
SmartMetric and its technology please go to
www.smartmetric.com.
Safe Harbor Statement Certain of the above statements contained
in this press release are forward-looking statements that involve a
number of risks and uncertainties. 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. Readers are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, and that actual results may differ
materially from those indicated in the forward-looking statements
as a result of various factors.
CONTACT INFORMATION Investor Relations: Jens Dalsgard
ConstellationAA.com Tel: 775.771.5808 SmartMetric, Inc. Chaya C.
Hendrick President & CEO Tel: 305.503.8157 Direct: 786.269.2238
ceo@smartmetric.com
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