SmartMetric, Developer of the Secure Biometric Credit Card, Says Continued Explosion in Cost of Fraud to U.S. Merchants, Now Estimated at Over $ 39 Billion, Unsustainable
NEW YORK, December 27, 2021– (COMMERCIAL THREAD) – SmartMetric, Inc. (OTCQB: SMME): The LexisNexis Cost of Fraud report for 2021 showed a significant increase since just before COVID-19. Every dollar of fraud costs U.S. merchants $ 3.60, compared to $ 3.13 in the pre-COVID period (+ 15.0%). The significant percentage of identity fraud continues to be at the point of sale. 1
According to the Merchant Risk Council estimates that at the end of 2020, the United States recorded $ 11 billion in losses related to credit card fraud. The United States is responsible for a third of the world’s credit card fraud, and 2020 has seen even higher numbers than before.2 Using the Lexis Nexis True Cost of Fraud Multiplier which takes into account the total losses suffered by a merchant, that $ 11 billion of credit card fraud would result in an actual loss of over $ 39.6 billion for American traders.
The fraud multiplier effect takes into account the cost of restocking lost goods, staff hours, shipping costs, etc. It estimates the total amount of losses incurred by a business based on the actual dollar value of a fraudulent transaction.
As the leader in fingerprint-activated biometric credit cards, SmartMetric sees 2022 as the year in which major credit card issuing banks around the world will move forward with the adoption of cards based on advanced biometric technology. . âFingerprint-activated biometric credit cards are a powerful new weapon in the fight against fraudsters,â said Chaya Hendrick, President and CEO of SmartMetric today.
SmartMetric has created an integrated credit card, a fingerprint reader that, when you touch a sensor on the surface of the card, scans your fingerprint in less than a second. Your fingerprint is then compared to your pre-registered fingerprint inside the card and when a match occurs, your card is activated. Instant and secure user validation that goes beyond the use of a PIN code to protect the use of a credit or debit card during a transaction.
What sets the SmartMetric biometric card solution apart from others is that it is designed with its own internal power source. This allows the card to function and perform fingerprint scanning before the card is inserted into a reader. This allows the card to be used in regular ATMs and in situations where the card is used in places like a restaurant where the card is pulled from the dining table to be processed.
The fingerprint scanner built into the SmartMetric card allows the card chip to work only after a successful scan and match of the card user’s fingerprint. Unlike other biometric cards, the SmartMetric card does not require the card user to visit a bank branch to have their fingerprint registered on their new biometric card. Instead, the SmartMetric biometric card allows the card user to register their fingerprint when they first receive it at home as easily as when registering their fingerprint on a smartphone. .
The Touch and Store Read Once technology developed by SmartMetric for its biometric card allows financial institutions issuing mass cards to issue their cards directly to consumers as they normally do without consumers having to visit a bank branch to activate their new biometric card.
SmartMetric is a United States-based company with sales and marketing partnerships in Latin America, Europe, and the United States. The engineering of the electronics of the biometric card is carried out in-house and is the intellectual property of SmartMetric.
SmartMetric has issued patents and pending patents relating to its biometric card technology.
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