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SmartMetric Says That $6.4 Billion in Fraud Losses on Existing Credit and Debit Cards Has Been Reported Last Year in the USA


NEW YORK–(BUSINESS WIRE)–

SmartMetric, Inc. (SMME) – Following the widespread adoption and use by consumers of EMV chip cards in the U.S. that are difficult to counterfeit, fraud losses on existing credit and debit cards was still significant, amounting to $6.4 billion in losses in 2018.

The 16th annual identity-fraud study by Javelin Strategy & Research estimates that payment-related fraud affected 14.4 million consumers in 2018. “This high level of payment fraud affecting millions of consumers annually is why so many consumers are willing to pay for a safer credit card protected by biometric technology,” said SmartMetric’s President & CEO, Chaya Hendrick.

According to independent research contracted by SmartMetric, more than 65% of credit card users in the United States would be willing to pay for a credit card with built inside the card biometrics. The research survey question asked was, Would you pay for a safer biometric secured credit card that has a built in fingerprint reader for your protection? 65.5% of respondents said they would.

“Deeper analysis of the motivation of consumers to pay for a safer credit card is not what one would immediately think of,” said Chaya Hendrick. “One of the largest issues for the consumer is the sense of violation and resulting insecurity felt after falling victim of even a low dollar amount credit card fraud.”

The SmartMetric biometric card has built inside of it a powerful fingerprint scanner that scans a person’s fingerprint when the fingerprint sensor is touched on the cards surface. The fingerprint scan is done in less than 0.25 seconds. This provides a biometric scan, match and card activation in less time than it takes the card holder to reach across to insert their card in a store card reader or ATM.

When the SmartMetric biometric credit or debit card is inserted into a retail reader or ATM, and after the card has completed the fingerprint scan which has been powered by the card’s internal battery, the card’s internal battery is rapidly recharged while in the card reader and performing the credit or debit card transaction.

Follow this link to view the SmartMetric biometric credit card: Using the SmartMetric Card at an ATM Storing your fingerprint on your card SmartMetric Biometric Portable Medical Records Card To view the company website: www.smartmetric.com

*Goode Intelligence forecasts 579 million biometric payment cards will be in use

Safe Harbor Statement: Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.

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