NEW YORK–(BUSINESS WIRE)–#americanexpress–SmartMetric, Inc. (OTC: SMME) the sensitive personal data of more than 35 million people has been compromised. Now, victims’ full names, Social Security numbers and dates of birth may be in the hands of criminals, putting victims at a greater risk of identity theft and other frauds. 1
The troubling near term and long term risk to consumers is where data thieves use a person’s information to take over existing credit card accounts or even setting up false bank accounts using the newly stolen identity data.
“Account takeover is a serious flow on from personal data information data thefts. Having biometric fingerprints stored inside a card that is used to positively verify the identity of the card user provides the next level of identity security for credit card users,” said SmartMetric’s President and CEO, Chaya Hendrick.
As reported by SmartMetric last week, reports on credit card fraud are continuing to show an exponential growth in fraud rates in the United States. According to a report released this year by Security.org 2 151 million Americans have fallen victim to credit card fraud.
- 65 percent of credit and credit card holders have been fraud victims at some point in their lives, up from 58 percent last year. This equates to about 151 million Americans.
- An increasing number of Americans have been victimized multiple times: in 2022, 44 percent of credit card users reported having two or more fraudulent charges, compared to 35 percent in 2021
Credit Card fraud is a growing issue for both card holders and card issuing banks. The biggest under the radar cost to the consumer is the add on fraud crimes that happen following a credit card fraud instance. A growing number of credit card fraud victims become also victims of other identity theft-based crimes which can be financially devastating to card fraud victims according to SmartMetric.
“The need for a more secure credit and debit card is more needed today than ever before. That is why we have spent well over a decade in research and development to create a work anywhere at anytime biometric protected credit card,” said SmartMetric’s President & CEO, Chaya Hendrick.
“The SmartMetric biometric credit card is the only advanced biometric payments card product with an internal rechargeable battery that allows the card to be used in all card usage cases such as restaurants, gas stations and ATM’s. Having its own power inside the card allows the SmartMetric biometric cards fingerprint scan and match to turn on the card, before it is inserted into a card reader,” said Chaya Hendrick.
The SmartMetric Gen 4 Biometric Fingerprint Card has been developed to meet the specific demand of the credit card industry and credit card users for enhanced credit card security. The card has an in-the-card a nano fingerprint scanner that is used to recognize the card holders fingerprint and on a fingerprint match, instantly turn on the card.
“The mass market version of the SmartMetric Gen 4 biometric credit card is now under manufacture following the successful testing of the cards new and advanced internal operating system on the new card hardware platform,” said Chaya Hendrick.
The SmartMetric biometric fingerprint recognition technology built inside of the credit and debit card uses embedded biometric technology to positively recognize the card holder and then only after a positive fingerprint recognition, turn on the cards EMV contact and contactless payments chip.
According to an article published by Finder.com 3 the number of credit card accounts open in the United States is 564,500,000. This is an all-time high for the United States.
The average American owns three credit cards. 83% of Americans own at least one credit card. 14% of Americans own at least 10 credit cards.
2 2023 Credit Card Fraud Report | Security.org
3 2023 Credit card debt and spending statistics in the US | finder.com
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