Clearing up misconceptions about fingerprint biometric authentication

This week’s post revisits SmartMetric, whose announcement of smart credit cards with a built-in fingerprint scanner was the second post for this blog. One touch activates the SmartMetric credit card chip. The card can then be used withdraw cash or make purchases.

Introducing new technology can be an uphill climb. In an article this week, SmartMetric addressed misconceptions some people have regarding fingerprint biometric technology.

An example is the concern that one’s fingerprint can be copied and spoofed using a 3-D printer. As SmartMetric points out, in the time it would take to create a replica 3-D fingerprint, a thief can steal a hundred credit cards and associated PIN numbers. It’s theoretically possible, but not likely. Also, SmartMetric’s fingerprint reader is temperature sensitive.

While banks are concerned about the cost of issuing smart credit cards, the cost of fraud – from the actual transaction, to the possible loss of a customer, to the cost of gaining a new customer – is much more significant in the big picture. Annual credit card fraud in the US reached $8 billion dollars in 2014. 

While banks may be hoping that smart mobile devices may become a leading payment method, right now mobile payments represent a small percentage of transactions. One well-known phone company that is encouraging mobile payments is seeing only 3% of its customers making mobile payments. 

Credit cards are not going away any time soon. In SmartMertic’s research, 80% of consumers surveyed are concerned about credit card fraud. SmartMetrics card is the safest card yet, and it works with current ATM’s and credit card readers. Perhaps consumers should be given the chance to be able to use it.


SmartMetric -- Dispelling Misconceptions Regarding Biometrics

Market Wired News Room, August 12, 2016 14:07 ET