SmartMetric has launched its fingerprint activated biometric payments card to protect both financial institutions and card holders against online and offline fraud.
The card uses cardholders fingerprint to activate the EMV, ATM or credit card instead of relying on passwords, social security numbers and PIN’s among others.
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SmartMetric has fitted a fingerprint reader inside the ATM or credit card that automatically performs a fingerprint matche while a person is standing at a retail checkout or at an ATM.
As soon as a match completes, the card’s EMV surface mounted chip is turned on allowing a transaction at the millions of ATM and retail card machines across the globe.
The company added that 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.
The biometric activated EMV card provides purchaser identity verification for both online and offline purchasing.
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By GlobalDataA study by Javelin Strategy and Research found 12.6 million victims of identity fraud in the US in 2012. It also reported that identity fraud incidents increased by more than one million victims over the previous year and fraudsters stole nearly $21bn in the US in 2012 alone.
