SmartMetric Says Its User Fingerprint Biometric Credit Card Saves Card Issuers and Merchants Billions of Dollars

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NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB:SMME) Fingerprint-enabled biometric credit card is the world’s only biometric card that features a state-of-the-art miniature hybrid rechargeable battery, along with a sophisticated hardware solution that distinguishes between a living human fingerprint from a fake one.

The more advanced SmartMetric biometric credit card is being prepared to be submitted to one of the largest credit card networks in the world for approval to operate on its network.

Discussions are underway with a major credit card issuer in the United States for public distribution of the leading next-generation biometric credit card created by SmartMetric.

The SmartMetric fingerprint-enabled biometric credit card hits the market in light of alarming figures showing that businesses are suffering monumental losses due to online and checkout fraud. What is so alarming is that the growth rate of online fraud for merchants is in the triple digits, with losses for chargebacks alone estimated at $30 billion in the United States.

Chargebacks are where the credit card user, among other things, denies making the card purchase or says they never received the goods. An estimated 86% of these $30 billion in “chargebacks” or, to be more precise, transaction reversals, are based on fraudulent misrepresentation by the card user.

“The use of the SmartMetric Biometric Credit Card which only allows the legal cardholder to use the card, protects card users, merchants, card processors and card issuing banks with biometric technology from built-in credit card tip,” SmartMetric said. President and CEO, Chaya Hendrick.

The SmartMetric biometric credit and debit card developed by SmartMetric uses the cardholder’s fingerprint which is read by a Nano fingerprint scanner inside the card, to activate the card before insertion. in the card reader or ATM. The cardholder’s biometrics are protected since their fingerprint is stored inside their card and never leaves it. Only the authorized holder of the SmartMetric biometric credit and debit card can use the card.

Further information about the SmartMetric biometric credit card can be found on the company’s website at www.smartmetric.com

The figures used come from: https://chargebacks911.com/scary-chargeback-facts/

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