SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

June 03, 2015 09:07 ET

SmartMetric Says the Continued Rise in Credit Card Fraud Is the Driver for Adoption of Its Biometric In-Card User Validation -- for Every Dollar Lost at Retail Because of Card Fraud $3.08 Is Lost in Total by Retailers

NEW YORK, NY--(Marketwired - Jun 3, 2015) - SmartMetric, Inc. (OTCQB: SMME) In 2013 merchants lost, on average 33% greater proportion of revenue than the previous year as a direct result of payment card fraud. In addition to their fraud losses, merchants also incurred more costs, with each dollar of fraud costing them in real losses $3.08, compared to $2.79 the previous year according to a report published on the true cost of fraud by Lexis Nexus.

With the global annual rate of credit card fraud exceeding $14 Billion the real add on cost to merchants could be three times this figure based on the Lexus Nexus research report. What is not figured into the research report is the real cost to Financial Institutions of card fraud. With research showing that up to one third of card holders who receive a replacement card due to a data breach placing that new card at the "back of the wallet." The lost business therefore for a Financial Institution from the lost future revenue following a data breach could in fact dwarf the immediate money lost directly to fraud. The global economic impact of the continued unfettered growth in payment card fraud is staggering and unsustainable said SmartMetrirc's President & CEO, Chaya Hendrick.

SmartMetrirc has created an ISO standard payments card that uses an EMV chip that is activated following a user's fingerprint recognition by the cards sub micro internal biometric fingerprint reader.

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

SmartMetric Biometric Payments Card

To view the company website:

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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    SmartMetric, Inc.
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