SOURCE: SmartMetric, Inc.
August 18, 2014 11:16 ET
NEW YORK, NY--(Marketwired - Aug 18, 2014) - SmartMetric, Inc. (OTCQB: SMME) - The impact on fraud from the introduction of EMV chip cards in other countries around the world has shown a 50% reduction in payments card fraud in those countries. For example when the United Kingdom introduced chip card technology onto its credit and debit cards over six years ago it saw within the first twelve months a drop in store merchant card fraud by 50%. The introduction of EMV into the United States that will see an estimated 1 billion EMV chip cards in use by the end of 2015 is expected to produce the same results. With an estimated card fraud rate of between $8 billion to $11 billion per year in the USA it follows that the card fraud rate will still be a massive $4 billion to $5.5 billion per year.
In order to provide even greater security and potentially save consumers and financial institutions billions in losses to fraud SmartMetric has developed an in card biometric fingerprint reader. The reader is used to identify the user by matching the user's fingerprint with their fingerprint stored inside the card. If the user of the card is not the rightful user the card itself will not work. This has the potential to save banks, financial institutions, retailers and consumers multi billions a year said the President and CEO of SmartMetric, Chaya Hendrick. The company has partnered with a major credit card manufacturer to produce its fingerprint activated cards with an estimated manufacturing goal of 50 million cards within the first 12 to 18 months.
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 fingerprint self powered fingerprint scanner and reader that fits inside credit and identity cards that are at the center of SmartMetric Inc.'s advanced biometric products. For more information please visit www.smartmetric.com.
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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