SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

February 04, 2014 09:10 ET

EMV Chip + Fingerprint Technology Combine on SmartMetric Card to Fight Fraud

1.5 Billion U.S. Credit Cards to Move to Chip Technology Which Has Shown to Reduce Counterfeit Fraud by 60% - 80%

NEW YORK, NY--(Marketwired - Feb 4, 2014) - Developer of the only payment card to combine EMV chips with fingerprint technology, SmartMetric, Inc. (OTCQB: SMME), provided data today on technologies essential to reducing growing credit card fraud. According to Aite Group, card fraud already costs the card payment industry, primarily issuers, $8.6 billion a year in the U.S. and industry experts are concerned losses will rise as more fraud migrates to the U.S. from smart card-enabled countries.

The U.S. is on a magnetic stripe card system, which is less secure than smartcards which are chip-enabled. EMV chips, which are built into smart payment cards, contain embedded microprocessors that provide strong transaction security features, and other application capabilities not possible with traditional magnetic stripe cards. Most chips are activated by PINs. SmartMetric's card is the only one to add an extra layer of security by using the card owner's fingerprint to active the chip.

Point of sale terminals also need to be EMV capable in order to read the smartcards and complete a transaction. According to the Smart Card Alliance, the U.S. is one of the last countries to migrate to EMV. In parts of Europe, 95% of terminals were EMV chip-enabled; 79% in Canada, Latin America and the Caribbean; 77% in Africa and the Middle East; and 51% in Asia Pacific.

"The U.S. is adopting EMV chip cards to defend itself from fraud. The 1.5 billion credit cards currently issued in the U.S. will need to be replaced. What puts SmartMetric's card at the forefront of fraud fighting technologies is the fact that our card combines EMV chips with the smallest fingerprint technology in the world. Fingerprint technology is the next new frontier in payment system security and we believe the incentives for its adoption are quite compelling," stated SmartMetric CEO Chaya Hendrick.

A recent Marketwatch article states that according to MasterCard, counterfeit fraud decreased by 60% to 80% in markets where chip technology was installed. Discover Financial Services reports that as the EU has completed its migration to EMV, the region has seen an 80% reduction in credit card fraud while the U.S. has witnessed a 47% increase. The Smart Card Alliance also states that American Express, Discover, MasterCard and Visa have all announced their roadmaps for moving to EMV in the U.S.

About SmartMetric

SmartMetric, Inc. (OTCQB: SMME) develops patented biometric technologies used for security and identification, including the world's smallest fingerprint reader. The Company's proprietary advanced miniature electronics technology uses sub-micro computers to create fingerprint and security applications that were not previously possible. The world's smallest fingerprint reader is designed to fit inside standard payments cards as well as ID cards. Because of the miniature size of the electronics it is ideal for use in a broad array of products requiring an enhanced identification system. SmartMetric's products include the SmartMetric Biometric Bitcoin Card™, the SmartMetric Intelligent Card OS™, and MedicalKeyring™, a medical emergency biometric card. 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
    +1.775.771.5808

    SmartMetric, Inc.
    Chaya C. Hendrick
    President & CEO
    +1.786.269.2238
    ceo@smartmetric.com