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SmartMetric Says Cyber Identity Fraud Cost The USA Consumer $107 Billion Over The Past Six Years - The Equifax Loss Of 134 Million Private Identity Information Records Now Makes Offline Biometric ID Validation A Security Imperative
SmartMetric Says Cyber Identity Fraud Cost The USA Consumer $107 Billion Over The Past Six Years - The Equifax Loss Of 134 Million Private Identity Information Records Now Makes Offline Biometric ID Validation A Security Imperative.
About this update from Smartmetric, Inc.
[{"type":"text","content":"\n\n NEW YORK, Sept. 18, 2017 (GLOBE NEWSWIRE) -- SmartMetric, Inc. (OTCQB:SMME) – 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.\n 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 car...