SmartMetric, Inc. reported that it has invented and implemented advanced new security features inside its world advanced biometric credit card. Other security features such as separate storage of the user's fingerprint in a highly encrypted secure memory in the card that is not exposed to outside hardware connectivity ensure the highest level of the card user's fingerprint security. No off-card storage or capture of the user's fingerprint ever takes place with the SmartMetric biometric card system, providing an ultimate level of protection for the card user.

The SmartMetric Gen 4 Biometric Fingerprint Card has been developed to meet the specific demand of the credit card industry and credit card users for enhanced credit card security. The card has an in-the-card nano fingerprint scanner that is used to recognize the card holder's fingerprint and, upon a fingerprint match, instantly turns on the card. The SmartMetric biometric fingerprint-activated card is the only biometric card that allows for instant on-card fingerprint enrollment without the need for a special additional device to capture and enroll a card holder's fingerprint.

This makes the SmartMetric biometric biometric card especially suited for mass credit card issuers who rely on ease of card activation along with their use of mass new card issuance through the mail. Reports on credit card fraud are continuing to show an exponential growth in fraud rates in the United States. According to a report released this year by Security.org 151 million Americans have fallen victim to credit card fraud.

65% of credit and credit card holders have been fraud victims at some point in their lives, up from 58% last year. This equates to about 151 million Americans. An increasing number of Americans have been victims multiple times: in 2022, 44% of credit card users reported having two or more fraudulent charges, compared to 35% in 2021.

Credit Card fraud is a growing issue for both card holders and card issuing banks. The biggest under-the-radar cost to the consumer is the add on fraud crimes that happen following a credit card fraud instance. A growing number of credit card fraud victims also become victims of other identity theft-based crimes which can be financially devastating to card fraud victims, according to SmartMetric's President & CEO, Chaya Hendrick.