SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

March 02, 2015 13:03 ET

24.7 Billion Dollars Lost in One Year From Identity Theft and SmartMetric Says the Use of Social Security Numbers as a Credible Method Of Identity Verification Has Been Seriously Compromised Causing an Increase in Financial Theft and Losses for Consumers and Financial Institutions

NEW YORK, NY--(Marketwired - Mar 2, 2015) - SmartMetric (OTCQB: SMME) - Your Social Security Number is no longer a credible and secure verifier of your identity. This has serious implications for the security of individuals against identity theft and Financial Institutions who up until now rely on Social Security Numbers as the means to identify applicants for credit cards.

Though meant to be secret, with the theft of SSNs there has been a dramatic increase in SSN theft with an estimated 100 million Social Security Numbers now in the hands of criminals in just the past 12 months. It was recently reported by Bloomberg that nearly 80 million records which included SSNs were taken by criminals in the recent health insurance data theft alone.

On average 11.5 million Americans are victims of identity fraud annually, according to US data, with the average incident costing $4,930. In 2013 total losses from ID fraud in the US totalled $24.7bn. Nearly two-thirds of cases involve credit card details.*

SmartMetric sees the use of Biometrics as the best means in providing a high tech solution for certainty in identity verification, said today its President & CEO, Chaya Hendrick.

SmartMetric is the developer of a biometric credit card that has an inbuilt fingerprint scanner that is used to activate the credit card prior to its use in an ATM or retail store.

* Source: U.S. Department of Justice, Javelin Strategy & Research Research Date: 7.8.2014

To read more about SmartMetric's biometric technology please go to www.smartmetric.com

About SmartMetric, Inc. SmartMetric is a publicly traded technology company that has added a fingerprint scanner built inside EMV payment credit and debit chip cards thereby creating a second layer biometric authentication protection in defending against card fraud. The company is now actively marketing its technology to card issuing financial institutions around the World. To find out more please go to www.smartmetric.com

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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