More than 8.2 billion chip-enabled consumer cards — credit and debit — are now in use across the world, according to EMVCo, the industry standard organization. Globally, more than 75 percent of all cards are now enabled with EMV chip technology.
In development for over a decade, SmartMetric began designing products with biometric technology. The company determined that its sophisticated chip engineering, embedded within cards, would best combat fraud and stolen data.
SmartMetric engages the power of a biometric fingerprint scanner inside the actual credit card — the biometric technology activates when a user engages the card’s surface. The scanner then analyzes the individual consumer’s unique fingerprint. After a confirmed match, the internal EMV chip activates, and allows the card user to perform sales transactions via traditional credit or debit interface.
“The SmartMetric biometric scan-and-match of the card user’s biometric fingerprint takes place in less time than it takes for the card user to reach across to insert their card in a store card reader [or] ATM,” said SmartMetric President and CEO Chaya Hendrick.
Consumer fraud is a consistently challenging crime with evolving threats of all kinds, and biometric security measures are just one way that companies are responding.
As PYMNTS reported, biometrics and other authentication tools leveraging unique user details can be combined with artificial intelligence (AI) technologies to enhance customer protections. Behavioral biometrics paired with robust AI, for example, can provide a strong defense against identity fraud.
A multi-layered security approach is critical to thwarting crime and fraud in the digital space. Nevertheless, companies must still carefully strategize how they initiate multiple anti-fraud measures. Technologies, such as biometric-enabled credit cards, can improve anti-fraud responses for both online businesses and shoppers.