SOURCE: SmartMetric, Inc.
NEW YORK, NY--(Marketwired - May 20, 2014) - SmartMetric, Inc. (OTCQB: SMME) -- A group of researchers from Cambridge University on Monday published a research paper that shows the vulnerability of Europay, MasterCard, Visa (EMV) Chip Cards from an attack called "the pre-play" attack. The President & CEO of SmartMetric said it is now obvious that existing chip card security is flawed, leaving the 1.6 billion EMV card holders around the world vulnerable. She further said, adding a biometric security layer to EMV chip cards, such as the SmartMetric in-card fingerprint scanner, overcomes the flaws now found in cryptographic only chip cards.
The paper shows that non biometric protected, current Chip and PIN cards, can be used without knowing the correct PIN, and that card details can be intercepted as a result of flawed tamper-protection. The research also shows that it is possible to create clone EMV chip cards which normal bank procedures will not be able to distinguish from the real card. What the security researchers have discovered is a protocol failure that would allow malware in an ATM or POS terminal, or a man-in-the-middle between the terminal and the acquirer, to carry out the pre-play attack, just by replacing the random generated number with one chosen by the attacker.
SmartMetric has added a fingerprint scanner built inside EMV chip cards that is used as a second layer biometric authentication protection. The company is in advanced discussions concerning the use of its technology with card issuing financial institutions around the world.
About SmartMetric, Inc.
SmartMetric, Inc. is a technology development company that designs and engineers its advanced products utilizing the company's expertise in miniaturizing electronics. The company has developed miniature fingerprint self powered fingerprint scanners and readers that fit inside credit and identity cards that are at the center of SmartMetric Inc.'s key ring and credit and identity card products. For more information please visit us at www.smartmetric.com.
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