SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

August 04, 2016 11:18 ET

30% of Credit Card Fraud Victims Change Cards to Another Credit Card or Use Cash Leading to a Dramatic Business Impact on Credit Card Issuers

NEW YORK, NY--(Marketwired - August 04, 2016) - SmartMetric, Inc. (OTCQB: SMME) -- The latest affects of fraud report conducted by ACI Worldwide shows that 47% of credit card users in the United States have become victims of credit card fraud. Most alarming for credit card issuing Banks is that 30% of nearly half the population stop using the card even after replacement and either start using cash or another card in their purse or wallet.

The affect on consumer behavior and credit card loyalty is far more impactful on credit card issuers in many ways than the initial dollars lost to fraud events. Loosing patronage of 30% of the close to 50% consumers who have suffered card fraud is a loss of business that many card issuing Banks have not even calculated as a true cost to their businesses.

SmartMetric has created a fingerprint reader that fits inside each persons credit card that is used to validate the card user by them simply touching the cards sensor as the card user reaches across to insert the card into a reader or ATM. Our card provides greater security as well as peace of mind for the consumer benefiting both card issuing banks as well as the consumer said today SmartMetric's President & CEO, Chaya Hendrick.

SmartMetric is the creator of the in-the-card fingerprint scanner for chip credit cards. It uses a SmartMetric developed miniature and super thin fully functional fingerprint reader that sits inside the credit card. The biometric reader is used to turn on the card's surface chip following a fingerprint match and prior to being inserted into card readers or ATM's.

The SmartMetric solution overlays biometric protection on top of the new chip card technology now being issued across the United States. There are now more than 4.8 billion chip payments cards issued globally.

SmartMetric officially launched its groundbreaking biometric payments card this April at the Smart Card Alliance Payments Forum in Orlando, Florida. The company is now in talks with card issuing Banks around the world.

To view a video of the SmartMetric biometric chip card follow this link:

SmartMetric Biometric Payments Card -- https://youtu.be/zSX59uHoHqU

To view the company website: www.smartmetric.com

*research figures from ACI Worldwide research report as published by Business Intelligence, July 2016

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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