SmartMetric Says Cyber Identity Fraud Cost The USA Consumer $107 Billion Over The Past Six Years

According to the 2017 Identity Fraud Study* more than $107 billion was stolen from consumers over the past six years. The latest Cyber theft of more than 134 million personal information identifiers such as driver’s license numbers and social security numbers now makes this information useless for identifying individuals. With the ease of the creation of forged documents these once important identification information data sets are now rendered useless in verifying the identity of individuals.

There is no more critical area, now affected by the private individual data haul by cyber thieves from Equifax, than the banking industry. The ramifications go to the heart of the banking world and even its ability to now comply with Federal Regulations such as Know Your Customer requirements. What were once trusted identifying data sets have now become useless in substantiating the identity of individuals who present themselves at say a bank branch to open an account. Especially with the ease of obtaining counterfeit drivers licenses and social security cards.

In substantiating the identity of an individual, asking questions concerning information that only they would or should know, was essential in establishing that the person is who they say they are. In the security world this is called “what you know”. Biometrics surpasses “what you know” by replacing it with “who you are”.

SmartMetric has created the ultimate identity credential. It 100 percent verifies the person holding the card credential using the persons distinct individual biometrics while protecting their biometrics by storing the individuals fingerprint biometrics on their own card and not on a central database.

“Learning from the fundamentals of security in that a distributed database is far safer than a central database, we made having a person’s biometrics stored on their own credit or identity card a must have requirement when creating our biometric card technology,” said today SmartMetric’s President and CEO, Chaya Hendrick.

“Identity theft and fraud is a hand in glove result of cyber data theft. For identity thieves, identifying information from credit card information to social security numbers are foundational tools in establishing false identities used to commit identity fraud theft,” said SmartMetric’s President.

SmartMetric is the creator of fingerprint validated and activated biometric credit and security cards. It has the manufacturing ability to now manufacture under contract 1 million cards a month.

The company has spent more than a decade in the development of its biometric inside the card biometric fingerprint storage and scanning technology. We have had more than our fair share of problems in our product development process. Such as when a few years ago we were ready to launch our card, our fingerprint sensor component supplier discontinued manufacturing this important component forcing us to start virtually from the beginning in the development of our biometric card. We are excited that we now have completed our research and development stage and are now able to present our biometric solution to banks and the general security industry said Chaya Hendrick.

Cybersecurity and identity validation for network access control, physical building entry and secure on-the-spot identity security is now handled by the revolutionary biometric security card developed by SmartMetric. SmartMetric has created an advanced biometric card that combines cyber security for network log on credentialing along with building and doorway access and security desk identification in a credit card sized (including thickness) card. This multifunction cyber, access and identity card is a revolutionary new product for the security world built on the in-the-card biometric validation and card activation technology developed by SmartMetric.

The new multifunction biometric security card by SmartMetric is a revolutionary leap forward in the Cyber and Access Security world according to SmartMetric.

Access management market is estimated to grow from USD 8.09 billion in 2016 to USD 14.82 billion by 2021, at a CAGR of 12.9% between 2016 and 2021 according to a recent research report.*

Source:http://www.nasdaq.com/press-release/smartmetric-says-cyber-identity-fraud-cost-the-usa-consumer-107-billion-over-the-past-six-years–20170918-00815