SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

October 25, 2013 10:24 ET

SmartMetric Biometric Activated ATM & Credit Card to Fight $8.6 Billion a Year in USA Card Fraud

SmartMetric Biometric Card Solution Targets Fraudsters and Has Potential to Save Card Industry Billions per Year

BAY HARBOR, FL--(Marketwired - Oct 25, 2013) - SmartMetric, Inc. (OTCQB: SMME) - Speaking today from the companies offices in Bay Harbor, 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 to make them "biometric" compatible since the SmartMetric system is built around the banking industry standard EMV system.

It works using the industry standard EMV chip on the surface of the card so that the SmartMetric biometric activated card is compatible for use throughout the payments industry worldwide. EMV is an acronym for Europay Mastercard Visa and has been adopted and in use in most major markets around the world. It is now being actively deployed in the USA with all of the major card companies and their partner banks having already issued millions of these EMV "chip" cards nationally.

*Aite Group, Research

For further information on SmartMetric and its technology please go to www.smartmetric.com. For information on the SmartMetric™ MedicalKeyring™ please go to www.medicalkeyring.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.

MedicalKeyring™ and SmartMetric™ are trademarks of SmartMetric, Inc.

Contact Information

  • Contact Information

    Investor Relations:
    Jens Dalsgard
    ConstellationAA.com
    Office: 775.771.5808

    SmartMetric, Inc.
    Ms. Chaya C. Hendrick
    President & CEO
    Direct: 786.269.2238
    ceo@smartmetric.com