SmartMetric has developed a solution to ensure the security of credit and debit cards.
Last Tuesday, June 27, the company published a press release containing information that, as part of this solution, the technology of biometric recognition of the owner of the means of payment and the inclusion of the card’s EMV contact and contactless payment chip is embedded in the card.
Chaya Hendrik, President and CEO of SmartMetric, says that the company has taken a step forward in improving the security of credit and debit cards. According to him, adding biometric data for fingerprint recognition inside the card is a guarantee of reliable protection.
Chaya Hendrick stated that only the fingerprint of the cardholder can activate the means of payment in a terminal or ATM. This mechanism makes biometric credit and debit cards created by SmartMetric more secure compared to their traditional counterparts.
The company’s press release indicates that the new offer includes hardware detection of a live finger and protection against counterfeit copies of fingerprints. Biometric data can also be configured to send messages about card usage to payment networks.
Chaya Hendrick recalls that at the beginning of the company’s activities to create biometric cards, the first prototype had a thickness index equal to half an inch. Currently, the thickness of all the company’s electronics, according to her, is less than a quarter of this indicator of a standard credit card.
Industry research suggests that currently, most consumers believe that biometric tools are the most secure way to authenticate a transaction. In the United States, more than half of the participants in special surveys said that biometrics is their preferred method of authentication.
The popularity of biometric authentication methods is due not only to security considerations but also to practical convenience. In this case, the consumer’s smartphone turns into a tool for accessing bank accounts. The process of performing financial actions becomes simpler as an algorithm and less costly in terms of the required time.
Currently, many companies are implementing biometric tools. Last week, the Steak’n Shake chain of casual dining restaurants announced the launch of PopID pay-by-face payment technology in some establishments.
In May, smart ring developer Oura acquired the digital identity signal platform Proxy platform. This deal was implemented as part of an effort to expand the scope of payments and authentication. The developer of the smart ring stated that the acquisition of the platform will create new opportunities in the field of transactions, access, security, and identification.
As we have reported earlier, Biometric Payment Cards Launch in Kuwait.
