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

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NEW YORK, December 27, 2021– (BUSINESS WIRE) – SmartMetric, Inc. (OTCQB: SMME): The LexisNexis Cost of Fraud report for 2021 has shown 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. . “Fingerprint-activated biometric credit cards are a powerful new weapon in the fight against fraudsters,” 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 in 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.

To view the SmartMetric Biometric Card, please follow this link – SmartMetric Biometric Card Video. To visit the company’s website: www.smartmetric.com

1 Study on the True Cost of Fraud ™ | LexisNexis risk management solutions
2 https://www.definefinancial.com/blog/identity-theft-credit-card-fraud-statistics/

Safe Harbor Declaration: The forward-looking statements contained in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are also 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. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by using words such as “may”, “could”, “expect”, “intend”, “plan”, “seek”, “anticipate” , “Believe”, “estimate”, “predict”, “potential”, “continue”, “probably”, “will”, “will” and variations of these terms and similar expressions, or the negative of these terms or expressions similar. These forward-looking statements are necessarily based on estimates and assumptions which, while believed to be reasonable by us and our management, are inherently uncertain. Factors that could cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to finance current operations or implement our growth plans; changes in the competitive environment of our industry and the markets in which we operate; our ability to access capital markets; and other risks discussed in documents filed by the Company with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K, the documents of which are available from the SEC. We caution you not to place undue reliance on forward-looking statements, which are made as of the date of this press release. We assume no obligation to publicly update any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make further updates with respect to such or other forward-looking statements. Investors and securityholders are urged to carefully examine and review each of the public documents filed by SmartMetric Inc. with the SEC, including, but not limited to, where applicable, the annual reports on the Form 10-K, Proxy Statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211227005099/en/

Contacts

SmartMetric, Inc.
Chaya Hendrick
Phone. : (702) 990-3687 or (305) 607-3910
[email protected]
www.smartmetric.com


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