The United States should be preparing for a dramatic increase in online fraud, CNP (Card Not Present) fraud, as it is known in the industry evidenced by the experience following the adoption of EMV Chip and PIN payments cards in Europe.
Due to elevated security of chip cards in retail sales and ATM transactions, the European experience showed criminal focus shifted to the next weakest link in the chain, online transactions, or CNP. In fact, the United Kingdom alone reported a 50% increase in CNP fraud rates almost immediately following the introduction of chip cards.
It is expected that the chip card rollout in the United States will see less of a move towards CNP fraud as criminals will still be able to subvert chip security and signature at retail stores. The chip and pin system is more secure than payments that to not require a user’s PIN, but rather rely on this new system so criminals who keep up with the new systems will be able to defeat ess secure chip and signature at retail stores.
SmartMetric has developed a biometric fingerprint activated payments card that uses a person’s unique fingerprint to validate instantly a person’s identity and after validation by the card’s inbuilt biometric reader, the card’s EMV chip is activated.
“The Company is also tackling the highly insecure online payments world with a CVV number that appears on a thin film screen only following a user’s fingerprint match. This will help keep secure and secret the card user’s CVV number that has become the default security protection for online credit and debit card use,” said SmartMetric President and CEO, Chaya Hendrick.
To find out more please go to www.smartmetric.com
Safe Harbor Statement Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.