SmartMetric™ Inc. President & CEO Chaya Hendrick said credit card industry figures show Card fraud costs the U.S. card payments industry an estimated US$8.6 billion per year. Fraud comprises 0.4% of the US$2.1 trillion in total yearly U.S. card volume.

Using a person’s fingerprint to activate the “EMV” ATM or Credit Card will protect both financial institutions and card holders against significant 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 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 […]

Source www.marketwired.com