Credit Card Fingerprint Verification System

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Credit Card Fingerprint Verification System

• Grant Approval Phase 2
• A BioCharge Document

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The New Currency
June 11, 2009
Grant Approval PresentationA BioCharge Document
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Societal Problem

• Point of sale clerks do not reliably follow the
  procedures that retail store merchants have
  established in order to verify the identity of
  credit card users. This lack of identity
  verification provides opportunity for credit card
  fraud to occur at the point of sale.

June 11, 2009
Grant Approval PresentationA BioCharge Document
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Monetary Importance to Society
The cost is shared by vendors, banks, and
individuals
Credit Card Fraud Statistics Provided by Celent
June 11, 2009
Grant Approval PresentationA BioCharge Document
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Problem Solution

• Develop a system that reliably verifies the
  identification of credit card users by matching a
  fingerprint image stored on the card with the
  fingerprint of the cardholder. The system would
  provide the point of sale clerk with an accept or
  reject indication for the pending use of the card.

June 11, 2009
Grant Approval PresentationA BioCharge Document
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Why not?

• Gristedes Manhattan punch in with hand scan
• Statue of Liberty Rental Lockers open with
  fingerprint
  
• Busch Gardens Season pass holders verified
  using hand scans.
  

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Authorizing a Credit Card Sale
Do They Match ?
June 11, 2009
Grant Approval PresentationA BioCharge Document
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Objectives and Expected Goals

• Create a Credit Card System that is
• Secure
• Reliable
• Fast
• Acceptable
• Easily Implemented

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• Current Security Flaws
• Skimming
• Swipe and Clone
• Photography
• Cell phone capture
• Use of Lost or Stolen Cards
• Dishonest Employees
• Obtaining CC data for unauthorized usage

Sample Skimmer Device
June 11, 2009
Grant Approval PresentationA BioCharge Document
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June 11, 2009
Grant Approval PresentationA BioCharge Document
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Fingerprint Comparison Technique

• False Negative Less than 2
• False Positive Nearly 0

To Guarantee Accuracy - Three Different Algori
thms Will Be Tested
East Shore Technology - Provider of Fingerprint
Algorithms
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• Credit Card Fingerprint Verification System
• Proof of concept demonstration

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• COMMERICAILIZATION

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7 STEP MARKETING PLAN

• Keeps pace with current technologies
• Ensures commercial success
• Provides return on investment
• Allows for growth in a number of markets

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STEP 1

• target merchants who offer in house membership
  card creation to their patrons
  
• Costco Wholesale
• 415 membership warehouse stores serving 42
  million cardholders
  
• Following Costco target Wal-mart, SAMs Club,
  B.J.s, etc.
  

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STEP 2

• Introduce the CCFVS into the proprietary credit
  line market.
  
• Sears Roebuck Company
• 25 million active credit card accounts, 872
  stores, 41 billion dollars in annual revenues and
  15.7 billion dollars annual profit
  
• Sears charge credit card has been acquired by
  Citigroup (the parent company of the Citibank
  Corporation), which is one of the largest issuers
  of Master Cards and Visa Cards in the United
  States.

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STEP 3

• Market technology to cashierless checkout
  locations
  
• Self Checkout counters
• Pay at the pump
• Markets of the future

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Markets of the Future
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STEP 4

• Target major credit card offerings such as Visa,
  MasterCard, American Express and others
  
• Rely on reputation, success, and the benefits of
  the CCFVS technology to market the product to all
  merchants carrying credit lines of all sort
  
• Will be a challenging endeavour but should prove
  to be incredibly lucrative for all involved
  parties.
  

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STEP 5

• Market wireless credit card markets
• Targets door-to-door salesmen and street vendors
• Power Swipe by Creditel Corp (to the left)
• DM2 unit by Aircharge (to the right)

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STEP 6

• Business venture to include the internet
• Fingerprint scanners popular amongst home
  computers and electronics
  

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STEP 7

• Target foreign markets
• 500,000 worth of credit card fraud incurred in
  the UK daily by skimming alone.
  
• Foreign industries which have credit card fraud
  that far exceeds the US

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Continuation

• Proved technically feasible for Phase 1
• Proved functionally feasible with the proof of
  concept prototype for Phase 2
  
• Proved commercially feasible with the outline of
  the 7 Step Marketing initiative