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Credit Card Applications » News » Other » Visa And Mastercard To Face Serious Lawsuit

Visa And Mastercard To Face Serious Lawsuit

July 06, 2010 | Updated on July 06, 2010
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The content is accurate at the time of publication and is subject to change.

Wednesday`SmartMetric, Inc. has been reported to have filed a lawsuit against credit and debit card network giant leaders, Visa and MasterCard. The company filed a complaint to the United States District Court wherein the complaint filed was a First Amendment Complaint for Infringement of the US Patent. The company believes that the two giant credit card companies violated the company`s patent rights when Visa started promotion on a contactless system like their VT Paywave and when MasterCard started the release of their MC`s PayPassn. These allegations were stated by the company`s Chief Executive Officer (CEO), Colin Hendrick as what his company believed to be true.

SmartMetric, Inc. is a company which offered credit and debit card owners as well as other companies and individuals added protection for their credit and debit cards from various identity thefts and credit and debit card thefts. The company has designed a small biometric device which is as big as a credit card. This biometric device could identify an individual by a simple touch of any of the individual`s finger.

The company, SmartMetric, Inc., says to have had a documented proof that in March 2009 the MasterCard`s worldwide release of their fourth quarter report indicated that the PayPassn credit card was welcomed by the consumers, business sectors and credit and debit card holders alike. In this report of the MasterCard, they have stated an almost 100 percent increase in the number of the PayPassn credit card which was issued to various consumers and merchants as well.

The Visa`s and MasterCard`s security measures, however, involved a data card which was connected to the credit card network whenever the card was placed near its reader. On September 14, 2004 the company received the patent and was declared as the owner of the patent for this contactless card by the US Patent and Trademark office for its System for Automatic Connection to a Network.

The company`s biometric device, identity and transaction card, involves the personal information of the credit card holder and owner instead of the business sectors`, merchants` and business persons` information. The card stores the information about its owner instead of in the business sectors`s data base. This identity card protection solution is available at SmartMetric for all consumers, government agencies and business establishments. Identity theft, card theft and fraud are among the fastest growing crimes in the country today and SmartMetric helps people fight these crimes.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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