Credit and bank card theft happens every day in every city and town around the world. Card sponsors and merchants are left holding the bag. The tools are available to address these threats. The industry just needs to implement them. For example, card sponsors in Europe have adopted stricter security procedures inherent in payment cards with computerized chips called “smart cards.” As a result, global card fraud worldwide as a percentage of total volume has actually decreased. In 2010, total fraud losses equaled 4.46¢ per $100 in total volume of purchases and cash, down from 4.71¢ per $100 in 2009. Even so, since the rate of spending outpaces loss reduction, total global fraud increased to a whopping $7.6 billion in 2010.
Smart Metric recently launched its first commercial application - a biometric fingerprint-activated MedicalKeyring. Patients can carry the device as a key ring attachment to provide critical medical care information in the event of an emergency. The devices are also helpful in avoiding costly and time-wasting duplicate medical tests as results from one test can be accessed and analyzed by multiple health care professionals.
Smart Metric expects to follow along with a second commercial product in the health care sector. The company has developed another portable medical record device with storage capacity of 128 gigabytes. This is more than enough for an individual’s medical data accumulated over a lifetime. Any information on the devices, including X-rays and other medical imaging, can only be accessed with authentication by fingerprint.