SmartMetric has started manufacture of its new biometric credit card designed for use with chip cards and intended to tackle online or card not present (CNP) fraud.
The new card, set to launch over the coming weeks, will feature SmartMetric’s advanced ‘inside-the-card’ miniature fingerprint scanner.
The fully functional scanner is designed to match cardholder’s fingerprint biometrics with the pre-stored data, before activating the card for transaction at a merchant’s card reader or an ATM.
SmartMetric president and CEO Chaya Hendrick said: “The SmartMetric solution to fight online CNP card fraud uses the power of its biometric technology platform in a simple and effective solution that doesn’t require changes to existing processing methods or payments infrastructure.
“Further our biometric card solution can be used effectively with debit cards as well as credit cards.”
A survey conducted by a market research firm, which was contracted by SmartMetric, found 80% of credit card users concerned about card and identity fraud.
The study further revealed that more than 60% of credit card users are willing to pay $69.95 for a credit card with biometric authentication.