SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

December 16, 2013 09:48 ET

Payment Card Fraud Losses Continue to Grow in the U.S. With a Staggering 14.5% Increase in 2012 for a Total Annual Fraud Loss of $US 5.33 Billion

NEW YORK, NY--(Marketwired - Dec 16, 2013) - SmartMetric, Inc. (OTCQB: SMME) -- Speaking today from NEW YORK, SmartMetric™ Inc. President & CEO Chaya Hendrick said that fraud losses on all general purpose and private label, signature and PIN payment cards reached $5.33 billion in the U.S. last year, up 14.5% according to a recent report released by Nilson Report.

Credit, debit, and prepaid general purpose and private label payment cards generated $21.604 trillion in total worldwide volume in 2012, up 11.4% from the prior year.

This increase in card fraud is a staggering number which underlies the importance to the payment networks in introducing EMV Cards into the United States.

SmartMetric is suing the two largest payment card networks, Visa and MasterCard, for patent infringement of its "494" patent in respect of their introduction of EMV cards into the United States. One of the main patent claims in the SmartMetric issued patent deals with making an automatic connection to one of a multiple of networks using a smart card and using a default number. SmartMetric is claiming $13.4 billion in damages and pre-paid royalties for infringement of its issued patent.

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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

  • Investor Relations:
    Jens Dalsgard
    775.771.5808 office

    SmartMetric, Inc.
    Chaya C. Hendrick
    President & CEO
    Office: 786.269.2238