With
47% of credit card users claiming some form of card fraud in the past
five years, the urge among financial technology developers is to develop
credit cards that promise to batten down the hatches against
cyber-fraudsters.
That day may be coming sooner than you think.
"The
need for a safer biometric credit card has never been clearer," says
Chaya Hendrick, CEO at SmartMetric, a manufacturer of biometric,
fingertip-based credit cards. "That's why we have spent over a decade in
research and development to place a fingerprint reader inside a credit
card. Biometric cards are a quantum leap in credit card security and arguably the biggest advance in card security since the invention of the credit card itself."
SmartMetric
released its biometric payment card last April at the Smart Card
Alliance Payments Forum in Orlando, Fla., and says it's currently "in
talks with card issuing banks around the world."
According
to the company, the technology relies on an internally-developed
"super-thin" fully functional fingerprint reader that is embedded inside
the credit card. "The biometric reader is used to turn on the card's
surface chip following a fingerprint match and prior to being inserted
into card readers or ATMs," the company says in an email to TheStreet.
The card technology works with chip-based payment cards, which now
number 4.8 billion in a global basis, according to SmartMetric.
The SmartMetric card isn't actually the first in line with a fingerprint card.
"In
truth, the technology is already available," says Monica Eaton-Cardone,
founder of Chargebacks911, in Clearwater, Fla. "MasterCard first
partnered with a company named Zwipe to perform a test run of biometric
cards in Europe back in 2014." The Street
No comments:
Post a Comment