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SmartMetric Says the Home Depot Credit Card Information Theft in Canada Shows That EMV Chip Card Technology Alone Will Not Protect Consumers From Future Theft - It Is Estimated the Latest Card Data Theft Could Cost More Than $3 Billion
1 hours 18 minutes ago - DJNF
SmartMetric Says the Home Depot Credit Card Information Theft in Canada Shows That EMV Chip Card Technology Alone Will Not Protect Consumers From Future Theft - It Is Estimated the Latest Card Data Theft Could Cost More Than $3 Billion
NEW YORK, NY--(Marketwired - Sep 18, 2014) - SmartMetric, Inc. (OTCQB: SMME) -- The exposure and theft of credit card information from 60 million Home Depot customers could lead to over 3 billion in fraudulent credit card purchasers according to a report by a Canadian news service, CNC News. The President & CEO of SmartMetric Chaya Hendrick said today, "This is just another example of the very serious breach of trust between consumers and the credit cards they use every day and the continuation of the exposure to identity theft the current credit card system puts all card users to." What makes the Home Depot theft even worse for consumers is that it took place in both the United States and Canada. The exposure of consumer credit cards in the United States is well known since the USA still relies on the highly vulnerable 40 year old mag strip technology for passing credit card data. But having all the Home Depot stores in Canada attacked with customer credit card information stolen is a serious and worrying issue in itself. Since Canada has converted the vast majority of its credit cards to the new EMV chip card standard this massive credit card data theft in Canadian Home Depot stores shows how ineffective even the current EMV chip card technology is against such attacks. The chip card technology now being introduced into the United States is the same technology already in use across Canada and was thought by many to be the solution against retail credit card data theft. The Home Depot theft in Canada has shown that this is not the case. The consumer credit card information is still seriously exposed to theft.
SmartMetric has created an EMV chip based credit and debit card that has an inbuilt fingerprint reader that is used to turn on the consumer's card before a transaction can take place. "SmartMetric just finished a presentation of its technology to the National Investment Bankers Association in New York and is extremely pleased with the reception the company and its advanced card security solution has received by the New York investment banking community in attendance," said SmartMetric President & CEO, Chaya Hendrick.
About SmartMetric, Inc.
SmartMetric, Inc. is a technology company that designs and engineers its own advanced products
