About
A number of high-profile security breaches at retail outlets exposed vulnerabilities in financial networks. Retailers are seeking solutions that utilize smartcards and are diametrically opposed to phone-based mobile wallets that would expose a rich source of their customers’ data to third parties (i.e. Google) and potential competitors. A smart card authentication solution is provided in which the customer completes a checkout at a retailer (i.e. Costco) by merely inputting a fingerprint at the POS terminal. IdentaChip’s wireless smartcard connects to the POS terminal and completes a secure match-on-card authentication. Being cost competitive and compatible with EMV, this solution is extremely appealing to merchants because: (1) it eliminates “first person" fraud which costs U.S. retailers $11 billion each year; (2) it reduces check-out times; and (3) it virtually eliminates swipe or interchange fees since the card can be issued as a decoupled debit card similar to Target's RedCard.