SOURCE: SmartMetric, Inc.

January 03, 2008 14:57 ET

SmartMetric Biometric Card Will Make Passwords a Thing of the Past and Provide a Level of Security That Will Thwart the Modern Day Electronic Thieves

SURFSIDE, FL--(Marketwire - January 3, 2008) - SmartMetric (PINKSHEETS: SMME), responding to media reports of the problem of ATM fraud faced by the country's largest Banks, said the SmartMetric finger print activated Biometric ATM / Credit Card is a technology that will better defend against the modern day electronic thieves and fraudsters.

The New York-based Daily News reported today that Citibank has limited the cash amount its customers can take out of ATM machines. It is being reported that the security of Citibank's ATM machines in New York have been seriously compromised by fraud. According to media reports, a spokesperson for Citibank has stated that "Though we can't provide details of ongoing security investigations, we are working closely with law enforcement on this matter." Citibank declined to specify the amount of the new withdrawal cap.

SmartMetric, Inc. President, Mr. C. Hendrick said today that his company has developed an ATM card that could solve the security problems faced using what is in effect decades old ATM and Credit Card technology. He said that the thieves have adopted the latest innovations in computing technology to steal while the Banks have been slow to keep pace.

In the end the consumer is paying for the fraud through the costs of fraud being passed on to all of the Bank's Customers in higher fees and charges for Bank services.

SmartMetric has created a card that doesn't use passwords that can be hacked or stolen but rather uses the person's fingerprint to turn the card on. The ATM customer places his or her finger on the card and in less than a second the card scans the person's fingerprint and if it is them the card will be activated. If it is not the owner of the card then the card will not work. Because the SmartMetric Biometric Card has an inbuilt battery and power management system the card works before it is inserted into an ATM or credit card reader. SmartMetric is in discussions with a number of Financial Institutions and plans on initiating field trials of its Biometric Card with Bank Customers in the First Quarter of 2008.

http://www.smartmetric.com. For additional assistance, journalists and analysts may contact the company President Mr. C. Hendrick on his private line 917.587.5856 or +1.786.623.3690.

Contact Information

  • Contact:
    Mr. C. Hendrick
    President
    917.587.5856
    +1.786.623.3690