SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

August 22, 2014 11:21 ET

SmartMetric, the Maker of Biometric Payment Cards, Says the Economic Effect of Credit and Debit Card Fraud Is More Than the Estimated $11 Billion Annual Loss to Payment Card Fraud With 63% of Card Users Who Suffered Card Fraud Using Their Cards Less

NEW YORK, NY--(Marketwired - Aug 22, 2014) -  SmartMetric, Inc. (OTCQB: SMME) -- According to an ACI Worldwide Impact Report -- Global Consumers: Losing Confidence in the Battle Against Fraud -- 27 percent of cardholders (debit, credit and prepaid) had experienced card fraud in the past five years. After experiencing fraud, however, 63 percent of consumers use their card less, at least in some situations, than they had previously. The economic impact on consumer behavior and its direct impact on lessened use of credit and debit cards after a consumer experiences fraud hasn't been calculated. But with one in four consumers suffering fraud over the past five years according to a report by the Aite Group, and then taking into account that 63% of these fraud victims then use their cards less, it shows a definite and as yet unquantified significant loss to banks and payment card companies. There has also been no study on the reduced card usage and its impact on the spend of the card user at merchants. It could be the consumer changes their behavior in spending less from not using the card as often or they may use an alternative such as cash, said the President & CEO of SmartMetric, Inc. Chaya Hendrick. Either way, the impact in financial institutions is far greater than just the multi billions lost to fraud each year, she said.

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.

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 self-powered fingerprint scanner and reader that fits inside credit and identity cards that is at the center of SmartMetric Inc.'s advanced biometric products. For more information please visit www.smartmetric.com.

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Contact Information

  • CONTACT INFORMATION:

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