Buzz around biometrics boosts fake Samsung bid for Swedish company

An alleged $650 million bid for Fingerprint Cards by Samsung Electronics turned out to be a hoax

Fingerprint recognition is such a hot topic that hoaxers are moving in on the action too: On Friday a news release claiming that Samsung Electronics planned to acquire a Swedish developer of fingerprint technology turned out to be a fake.

The news release stated that Samsung was buying Fingerprint Cards for $650 million in cash, but the Swedish company swiftly denounced it as a fake -- although not before some news outlets reported it as fact.

"The previous press release was not sent by Fingerprint Cards AB. Trading in the share has been suspended. What has happened will be reported to the police and to the Swedish Financial Supervisory Authority," the Swedish company said on its website.

An email sent to the address listed in the fake release went unanswered.

This isn't the first time that technology companies have been the victim of hoaxes that allows the perpetrators to take advantage of swings in stock prices. Fingerprint Cards' share price increased quickly before sales were halted. Shares in competitor Precise Biometrics also went up, according to Swedish news site IT24.

Last year, a purported offer from Google to buy Wi-Fi operator ICOA for $400 million also turned out to be fake.

"Someone I guess a stock promoter with a dubious interest is disseminating wrong, false and misleading info in the PR circles. ICOA will report this to the proper authorities," ICOA's CEO George Strouthopoulos said via email at the time.

Many of these hoaxes are all too plausible. Google, for instance, had invested in city-wide Wi-Fi and fibre rollouts at the time of the fake ICOA release.

The Fingerprint Cards case followed Apple's much-publicized addition of the Touch ID fingerprint recognition feature to its latest product, the iPhone 5s, which instantly made the technology a hot property. Adding to the plausibility, Samsung's rival HTC is widely expected to include a fingerprint scanner in its upcoming One Max smartphone, due to launch later this month.

There was also real acquisition activity earlier this week when touch screen and trackpad specialist Synaptics bought Validity Sensors for approximately $92.5 million in stock and cash. The biometrics and fingerprint sensing market is poised for explosive growth as OEMs look to differentiate their products, Synaptics said in a statement.

Fingerprint Cards develops biometric sensors, processors, algorithms and modules that can be used separately or in combination with each other, according to the company's website.

Join the Good Gear Guide newsletter!

Error: Please check your email address.

Tags business issuesSamsung ElectronicsFingerprint CardsMergers and acquisitions

Our Back to Business guide highlights the best products for you to boost your productivity at home, on the road, at the office, or in the classroom.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Mikael Ricknäs

IDG News Service
Show Comments

Most Popular Reviews

Latest News Articles

Resources

PCW Evaluation Team

Azadeh Williams

HP OfficeJet Pro 8730

A smarter way to print for busy small business owners, combining speedy printing with scanning and copying, making it easier to produce high quality documents and images at a touch of a button.

Andrew Grant

HP OfficeJet Pro 8730

I've had a multifunction printer in the office going on 10 years now. It was a neat bit of kit back in the day -- print, copy, scan, fax -- when printing over WiFi felt a bit like magic. It’s seen better days though and an upgrade’s well overdue. This HP OfficeJet Pro 8730 looks like it ticks all the same boxes: print, copy, scan, and fax. (Really? Does anyone fax anything any more? I guess it's good to know the facility’s there, just in case.) Printing over WiFi is more-or- less standard these days.

Ed Dawson

HP OfficeJet Pro 8730

As a freelance writer who is always on the go, I like my technology to be both efficient and effective so I can do my job well. The HP OfficeJet Pro 8730 Inkjet Printer ticks all the boxes in terms of form factor, performance and user interface.

Michael Hargreaves

Windows 10 for Business / Dell XPS 13

I’d happily recommend this touchscreen laptop and Windows 10 as a great way to get serious work done at a desk or on the road.

Aysha Strobbe

Windows 10 / HP Spectre x360

Ultimately, I think the Windows 10 environment is excellent for me as it caters for so many different uses. The inclusion of the Xbox app is also great for when you need some downtime too!

Mark Escubio

Windows 10 / Lenovo Yoga 910

For me, the Xbox Play Anywhere is a great new feature as it allows you to play your current Xbox games with higher resolutions and better graphics without forking out extra cash for another copy. Although available titles are still scarce, but I’m sure it will grow in time.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?