NEW YORK--(BUSINESS WIRE)--SmartMetric, Inc. (OTCQB: SMME) has created a biometric credit and debit card that has an inside the card, biometric fingerprint scan and recognition hardware solution. This allows for far greater security to the ubiquitous credit and debit card than the reliance on simple and insecure four-digit PIN’s (Personal Identification Numbers).
“Using a card holder's biometrics to identify and authenticate the card user provides a giant leap forward in credit and debit card security over the poorly secure PIN used on today's payment cards,” said today, SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric has enhanced its internal card security providing for the highest level of encryption of the card holder's fingerprint held inside the SmartMetric biometric credit/debit card. Using a secure element chip, separate from the contact and wireless chip inside the card, provides a firewalled secure protection of the card holder's fingerprint using the most advanced levels of encryption technology.
In line with SmartMetric’s foundation policy to provide the highest level of security for the card user as well as the card's issuing bank, at no time does the card user's biometrics leave the card or is the user's fingerprint stored in an offline database.
The other major feature of the SmartMetric biometric fingerprint activated credit/debit card is that it allows the card to have the user's fingerprint stored in a one-time touch and store process. Similar to the simplicity and ease of storing a fingerprint for security on a mobile phone, the SmartMetric secure storage of the user’s fingerprint does not require additional fingerprint reading devices in, say, the Bank branch. The SmartMetric biometric card uses an easy to use mobile phone type fingerprint storage enrollment process. Using the card's own internal fingerprint scanner, it allows card issuing banks to issue the card to users in the same manner they now issue standard credit and debit cards.
This video link shows the simple and secure fingerprint enrollment process for the card user. FINGERPRINT CARD ENROLLMENT
Biometric security used to activate the credit/debit card provides a much enhanced level of security beyond the simple four digit PIN. This enhanced security represents a major advance in the protection of card holders and card issuing banks alike.
Covid-19 has disrupted temporarily the adoption of new technologies by banks. The company is now finding that card issuers are now looking at enhancing their card offerings to the public and are now opening up to receive new product presentations. SmartMetric has used this time to dramatically improve the internal security of its biometric card. The company has also been able to make substantial advances to its internal card fingerprint scanner electronics providing for a better mass manufacturing process. The current manufacturing capacity of the SmartMetric biometric credit/debit card is in excess of 1 million cards a month.
An independent research company has projected that estimated biometric credit/debit cards worldwide over the next few years will exceed 500 million cards. According to industry figures, over 7 billion credit/debit chip based cards have been issued globally.
SmartMetric is a USA based company with sales and marketing partnerships in Latin America, Europe, the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.
Safe Harbor Statement: Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Also 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. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.