SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

June 25, 2014 09:45 ET

Card Issuing Banks Hurt by Changed Consumer Card Use After Card Users Experience Fraud -- SmartMetric Biometric Solution for Credit Cards Is a Powerful Weapon in Protecting Consumers and Banks From Fraud

NEW YORK, NY--(Marketwired - Jun 25, 2014) - SmartMetric, Inc. (OTCQB: SMME) -- Credit and debit card fraud is starting to erode confidence in card providers, with many consumers using cards less often or abandoning them altogether after incidents, a global survey of 6,100 consumers by ACI Worldwide has reported. What seems to be changing quite rapidly is how consumers view fraud, and how they react to them.

In the US, cards replaced because of fraud -- or worse still because of a data breach -- are likely to be used less often than they were before an incident. Around one in four say they subsequently use those cards less often than before, presumably because of the fear of a repeat incident according to the ACI report.

SmartMetric has developed a payments card with a built in fingerprint reader that is in turn used to validate, authenticate and then activate the credit or debit card each time it is used. Using its own advanced miniaturisation of components it stores the card holders' fingerprint inside the card and is only activated each time the card holder touches a sensor on the surface of the card. This is a quantum leap in card security according to SmartMetric President & CEO, Chaya Hendrick. "The company has commenced offering its card to Banks and Financial Institutions with a tremendous level of interest particularly in Europe," said the company President. "We are close to signing a mass production agreement with a contract manufacturer that will give the company the capacity to produce initially 500,000 cards a week," she added.

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 in advanced discussions and is now actively marketing its technology to card issuing financial institutions around the world.

About SmartMetric, Inc.
SmartMetric, Inc. is a technology company that designs and engineers its own advanced products utilizing the company's expertise in miniaturizing electronics. The company has developed a miniature fingerprint self powered fingerprint scanner and reader that fits inside credit and identity cards that are at the center of SmartMetric Inc.'s advanced biometric products. For more information please visit 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.

Contact Information

  • CONTACT INFORMATION:

    Investor Relations
    EraStar, Inc.
    (702) 480-9800

    Company
    SmartMetric, Inc.
    Chaya Hendrick
    Office: 702-990-3687
    Direct: 786.269.2238
    Email: ceo@smartmetric.com