SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

January 04, 2016 10:46 ET

SmartMetric, the Maker of the Safer Biometric Payments Card, Said That Consumers Are Now Paying 1.32% at Retail Because of the Real Cost of Credit Card Fraud on Retailers

NEW YORK, NY--(Marketwired - January 04, 2016) - SmartMetric, Inc. (OTCQB: SMME) -- US. Fraud cost US retailers in 2014 approximately $32 billion. This is a dramatic increase from $23 billion just one year earlier. Much of the fraud problem is the result of the relatively weak security of credit and debit cards according to research published by Lexus Nexus. The same report shows that as a percentage of revenue, for 2014 the real total cost of fraud to US retailers from credit card fraud was 0.68%. The latest report is now showing that the full cost of fraud losses for US retailers for 2015 to be a staggering 1.32% of retail sales.

Many may say, "Well what does that have to do with consumers?" It has plenty, said today the President and CEO of SmartMetric, Inc. "As with all costs for a retailer they are factored into the price of goods and services and are passed on to the consumer in higher prices. Put another way credit card fraud is now costing the consumer an extra 1.68% annually at the store front. It also represents a real cost that has economic consequences for the CPI as credit card fraud is now a major input into the cost of consumer prices."

Retail credit card fraud directly impacts the consumer with higher prices and has become a hidden surcharge on all consumers. There has never been a greater need for a safer and stronger payments card security. The need for stronger card security for both the consumer, retailers and card issuing banks has never been more clearer, said today SmartMetric's President.

SmartMetric is the creator of the biometric fingerprint activated credit and debit card. The SmartMetric biometric payments card solution works with existing chip card readers in retail stores and ATMs without the need for additional hardware or systems at the bank. According to EMVco there are 3.4 billion EMV chip cards now issued around the world. The United States is now changing over in excess of 1 billion credit and debit cards to EMV chip cards nationally.

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

SmartMetric Biometric Payments Card --

To view the company website:

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