SmartMetric has developed a miniature fingerprint scanner—the smallest in the world—that fits inside of a credit card, allowing for the replacement of the PIN number with high-security biometric identification.
SmartMetric President and CEO Chaya Hendrick said, in terms of security, modern credit and ATM cards are the weakest platforms. The industry estimates that card companies lose more than $4 billion per year to cybertheft and fraud.
Many companies have responded by adding EMV chips, which have helped to reduce fraud but have not eliminated it. Cards with EMV chips, while more secure, still rely on the PIN number.
SmartMetric’s mini fingerprint scanner, coupled with its specialized card production process, allow the company to replace the vulnerable PIN with fingerprint identification and card activation, which could serve to cut down on card fraud.
For added consumer protection, the individual’s fingerprint is stored inside the card instead of a central database. The company plans to release the biometric card product by the end of the fourth quarter.