NEW YORK, NY — (Marketwired) — 11/03/14 — SmartMetric, Inc. (OTCQB: SMME) — The new to the USA credit card standard called EMV is not the impenetrable security fortress that many have been lead to believe. With banks and retailers spending huge sums in conversion of systems and readers over to the new chip card technology called EMV chip cards cracks in the defences of EMV as a secure system are already being seen. Recently many of the credit card numbers that had been stolen in the recent Home Depot credit card heist have been used over the EMV payment network in Brazil causing yet again losses for US banks. This Brazil penetrative of EMV security is not the first time EMV technology has been shown to be vulnerable. Canada who has switched over to EMV chip cards still had EMV Card information stolen in the Canadian branches of Home Depot.
According to the President and CEO of SmartMetric, the recent security exposures of EMV are nothing new and that while EMV is a stronger security technology to the 40 year old mag strip it is by no means a full proof protection against credit card fraud. She said, that is why even in countries that have adopted EMV chip cards such as the United Kingdom haven–t seen an eradication of card fraud. According to industry figures after EMV cards were adopted in the UK a reduction of only 50% of Card fraud took place. While this reduction in dollar terms was significant EMV didn–t eliminate fraud but only reduced it by 50%.
SmartMetric has created the next generation EMV card with a built in fingerprint sensor that goes beyond the old password and PIN and uses a person–s biometrics to activate validate the user and activate the chip card.
SmartMetric is preparing for its release of its new fingerprint activated card after having signed a contract manufacturing agreement with a major electronics manufacturer and credit card manufacturer.
According to the industry Association called EMV co. There are more than 1.6 billion chip EMV cards in use worldwide. The USA is the last advanced country to adopt EMV with the payments networks and banks mandating a liability shift for card fraud losses to retailers for those retailers who haven–t changed over to EMV Chip card readers by October 2015.
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.
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