• Biometric Fingerprint Scanning for Credit & Debit Card Fraud Protection.

• Working with One of the World’s Largest Credit Card Network Brands. 

• Moving Forward in Early 2022 for Commercial Product Launch Worldwide.

• Anti-Spoofing Technology Added for Fingerprint Sensor Using Real Time Liveness Detection. 

SmartMetric, Inc. (OTCQB: SMME) is a fingerprint biometrics based security company focused on advanced fraud protection measures for credit and debit cards users worldwide. Hardware and software engineering is done internally thus providing SMME with the capability of delivering enterprise-class products in a timely basis. The SMME silicon manufacturing processes employ the latest techniques in miniature-sized memory and processor components production, allowing the company to provide a fully functional sub-micro computer on a micro thin circuit board embedded inside a credit card and identity card for instant fingerprint recognition. 

Global fraud losses worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in five years and $40.63 billion in 10 years according to The Nilson Report, the leading global card and mobile payments trade publication. Losses of $27.85 billion in 2018 were up from $23.97 billion the year before. Credit, Debit and Pre-Paid cards generated $40.582 in transactions in 2018. An increase of 17.7% over 2017.

By 2023 total credit, debit and other payment card transaction volume is projected to reach $57.080 trillion. Gross card fraud is projected to reach $35.67 billion. It is further projected that by 2027 total card transactions will total $71.593 trillion.

SMME is positioned to address this huge and growing financial threat as a USA based company with sales and marketing partnerships in Latin America, Europe and the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.  

• SMME Sees Adoption by Banks in 2022 as the Next Big Thing in the Credit Card Industry

On December 15th SMME the company sees 2022 as the year that major credit card issuing Banks around the world will move forward the adoption of these advanced biometric technology-based cards. Based on independent market research commissioned by SMME, nearly seventy percent (70%) of existing credit card holders in the USA are willing to pay seventy dollars ($70) for such cards. The consumer research showed that the biggest motivator for consumers to pay for a biometric secured credit card is the sense of added security these cards bring to the credit card user.

There are now nearly 11 billion EMV chip based cards issued and in use globally. A small adoption rate of only one percent (1%) would see more than 100 million fingerprint biometric credit cards to be issued in the future.

SMME is now working with one of the world’s largest credit card network brands to have its card officially approved. This will allow the SMME biometric card to be then offered to banks around the world who use this credit and debit card network for card transactions.

SMME has had difficulty like many in the technology manufacturing space regarding component supply. These difficulties have now been overcome and SMME is looking at moving forward in early 2022 with the supply of its next generation biometric card to card issuers globally.

A credit card that has built inside, a fingerprint reader that when you touch a sensor on the surface of the card, scans your fingerprint in less than a second. Your fingerprint is then matched with your pre-stored fingerprint inside of the card and when a match occurs your card is turned on. Instant secure user validation that goes beyond the use of a PIN in protecting the use of a credit or debit card making a transaction.

What sets the SMME Biometric card solution apart from others is that it is designed with its own internal power source. This enables the card to function and perform the fingerprint scan prior to the card being inserted in a reader. This allows the card to be used at regular ATM’s and in situations where the card is used in places like a restaurant where the card is taken away from the dining table to be processed.

The SMME Biometric Card goes beyond using its sub micro electronics inside the card for identity validation of the card user. It has large memory along with a very fast processor making the card an exciting new technology platform for advanced multi applications performed on the credit or debit card. Ushering in a new dimension of advanced offerings for credit card issuers.

Figures published by EMVCo 1 reveal that by year end of 2020, 10.8 billion EMV® chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 Billion credit and debit EMV® cards compared to the previous twelve months.

In addition, EMVCo reports that 86% of all card-present transactions conducted globally using EMV® chip technology. This is based on the data that could be obtained from American Express, Discover, JCB, Mastercard, UnionPay and Visa. It should be noted that, globally, 86.1% of transactions are EMV chip.

SMME foresaw the global adoption of credit and debit cards with chips. It embarked on developing a biometric fingerprint scanner small enough to fit inside a credit card over a decade ago. “Reducing the electronics to miniature scale of less than 0.3mm allowing it to fit inside a credit card that meets ISO standards for such cards has been a long process but one we are glad we set out to achieve,” said today SMME President and CEO, Chaya Hendrick.

The SMME in-the-card fingerprint scanner allows for the card’s chip to only work following a successful scan and match of the card user’s fingerprint. Unlike other biometric cards, the SMME card does not need the card user to go into a bank branch to have their fingerprint stored on their new biometric card. Instead, the SMME Biometric Card allows the card user to enroll their fingerprint when they first receive it at home as simply as it is when enrolling your fingerprint on a smartphone.

Touch and store read once technology, developed by SMME for its biometric card, allows mass card issuing financial institutions to issue their cards direct to the consumers as they normally do without the need for consumers to come into a bank branch to activate their new biometric card.

• Latest Data Theft from T-Mobile Servers Has Shown the Need to Adopt Live Real-Time Biometrics for Financial Services Including Credit Cards

On August 18th SMME commented on the T-Mobile data breach.  A dark web seller has offered for sale in exchange for bitcoin, 100 million personal records stolen from T-Mobile data systems. The most worrying part of this data theft is the breadth of the data stolen. It covers T-Mobile phone customers Social Security numbers, driver’s license numbers, phone numbers, address details as well as the user’s unique PIN used by T-Mobile to identify the phone service subscriber. As of August 18, 2021, T-Mobile is advising its pre-paid customers to change their PINs.

T-Mobile has confirmed the large size of the stolen information. According to a Yahoo! Finance article, “Roughly 47.8 million current and former or prospective customers have been affected by the cyberattack on its systems,” T-Mobile confirmed on Wednesday. This is nearly half of what is being claimed to be available on the dark web by the data thieves who say they have 100 million customer records.

For the banking industry, this breach once again highlights the unreliability of Social Security and driver’s license numbers and data points found on driver’s licenses such as Dates Of Birth and home addresses, as factors for identifying a bank or credit card customer.

The opening of false new accounts including credit card accounts using what is called “synthetic identities” based on stolen identity markers will now see a spike along with identity theft touching home mortgages and many other aspects of the financial community.

We believe that this data breach along with a decade of serious other identity data breaches, has made the strongest case for the adoption of real time live biometrics for the identification of financial services users for such things as credit and debit card transactions, said today the President and CEO of SMME, Chaya Hendrick.

In the statement T-Mobile announced its confidence that the entry point used to gain access to the data has been closed. This is an admittance that their systems were breached. The appearance within hours of the T-Mobile customer data for sale on the dark web gives evidence to the type and breadth of the actual data stolen.

• Anti-Spoofing Technology for On the Card Fingerprint Sensor Using Real Time Liveness Detection for SMME Biometric Credit and Debit Cards

On May 7th SMME announced it has invented a hardware and software solution that detects whether or not the finger being used to activate the card is from an actual person or not. This “liveness detection” technology developed by SMME is designed to defeat attempted fingerprint spoofing using such things as a copy of person’s fingerprint replicated using a silicon fingerprint replica.

SMME has spent the last 12 months perfecting its fingerprint anti-spoofing technology and is now readying its product for vigorous payment network testing and certification. The hardware and software solution has required a major engineering effort that has caused a complete redesign of the SMME biometric cards’ internal electronics as needed to meet the stringent security requirements of today’s global credit card industry. Testing of the new card will commence shortly with a three month estimated time frame to complete payment network testing.

The SMME electronic credit card has an ARM Cortex processor, up to a Gigabyte and beyond memory, contact and contactless standard credit card interface for all credit card readers and ATMs, a stable rechargeable battery, a rapid recharge power management system that recharges the card’s internal battery when used at a standard card reader, all while still meeting ISO standard size and thickness for credit cards. In addition the SMME card has now incorporated live fingerprint detection, thwarting scammers who want to try and use a replica of a person’s fingerprint.

Along with anti-spoofing technology developed by SMME, the card has its own internal cryptographic vault that uses state-of-the-art cryptography to protect data stored inside the card. From medical records, transaction history to Government sanctioned cryptocurrencies, the SMME electronic credit card opens up a brave new world of hybrid functionality for the credit card, while all the time protected by the card user’s own fingerprint biometrics.

For more information on SmartMetric, Inc. (SMME) visit: https://www.smartmetric.com. 

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