SOURCE: SmartMetric, Inc.

SmartMetric, Inc.

November 23, 2015 08:30 ET

SmartMetric Says Report Shows Consumers Lost $150 Billion Because of Cybercrime While 90% of Consumers Would Be Devastated If They Became Victims of Cybercrime Revealing a Massive Un-Reported Effects of Cybercrime Such as Credit Card Fraud

NEW YORK, NY--(Marketwired - November 23, 2015) - SmartMetric, Inc. (OTCQB: SMME) -- SmartMetric, the creator of the world's first ISO standard sized Biometric Payments Card that uses a card user's fingerprint to activate the card's EMV chip, said a research report released today by Norton by Symantic titled, Norton Cybersecurity Insights Report, found that 62 percent of consumers believe it's more likely their credit card information will be stolen online. Additionally 47 percent reported they have been affected by cybercrime in the United States.

Other cybersecurity relevant information from the report show that more than half of consumers think that storing their credit card and banking information in the cloud is riskier than not wearing a seatbelt.

Cybercrime has become a multi billion industry. The report interviewed consumers across 17 countries and found they lost an average of 21 hours over the past 12 months with the cost of cybercrime running at nearly $358 per person totaling approximately $150 billion.

On top of this massive loss, cybercrime takes a true emotional toll with nearly half of consumers experiencing cybercrime in the U.S. feeling extremely angry after being affected by cybercrime.

  • Nearly 90% research respondents said they'd feel devastated if their personal financial information was compromised
  • 70% of consumers would rather cancel dinner plans with a best friend than have to cancel their debit or credit card due to cybercrime

The social and behavioral effects of the constant stream of cybercrime on credit card users has been little researched but cybercrime impact on consumers based on the findings of this report are likely to be far more damaging to financial institutions than currently commonly thought.

SmartMetric considers, based on the disquiet by consumers over cyber fraud and the fact that over half of United States consumers have already been affected, that there is a desire for the consumer to have a safer and more secure credit and debit card, said today SmartMetric's President & CEO, Chaya Hendrick.

SmartMetric's biometric payments card solution adds to EMV Chip cards a strong biometric layer of security and works with existing chip card readers in retail stores and ATMs without the need for additional hardware or systems at the bank. The SmartMetric Biometric EMV Card has an embedded inside the card fingerprint reader that is used to scan a person's fingerprint, authenticate the card user and then in turn activate the cards EMV chip prior to a transaction at an ATM or in store checkout. The SmartMetric biometric card solution increases the trust level while providing a frictionless and seamlessly enhanced security experience for the card user.

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 throughout the country.

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

SmartMetric Biometric Payments Card -- https://youtu.be/zSX59uHoHqU

To view the company website: www.smartmetric.com.

Source: Gallup poll based on telephone interviews conducted Oct. 7-11, 2015, on the Gallup U.S. Daily survey.

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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