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

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NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME) has made substantial improvements to its biometric card which includes a state-of-the-art miniature solid-state rechargeable battery. Also a sophisticated hardware solution that distinguishes a real 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.

The soon-to-be-launched new fingerprint-activated biometric credit card is hitting the market in light of alarming figures showing 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.

One of the areas that besets online merchants and the credit card industry as a whole is the area commonly referred to as “friendly fraud”. Friendly fraud is far from friendly. This is a euphemism used in the credit card industry for what is essentially “customer fraud”. Back when people had to walk into a physical business to make a purchase with a credit card, any resulting fraud was referred to as “friendly fraud” since the person committing the fraud and the merchant would have been in direct contact. with each other. Now that the world has moved to billions of dollars in online transactions, there is no human interaction for today’s credit card fraudster. It is therefore inappropriate to call online fraud by customers “friendly fraud”. The fraud is actually real customer fraud. When 86% of reported fraud results in the transaction being canceled and the money returned to the fraudsters’ account, it is definitely not friendly fraud.

An additional cost to businesses and online card issuers is the amount of dollars lost in “card abandonment” when paying for the site online. In order to combat online credit card fraud, processors have now implemented automatic fraud prevention tools which, in turn, cause false rejections of credit cards used by good paying customers with money in their accounts.

An estimated 25% of so-called false positive transaction rejections result in the customer abandoning the transaction entirely. Imagine you own a department store and find that one in four customers turn around and walk out without buying anything because their card is mistakenly rejected by the card processor. A quick way out of business for any business. It doesn’t happen in physical retail stores like it happens online, simply because online anti-fraud tools are so much more restrictive to transactions than what happens on a merchant’s terminal in the store. physical.

“In a nutshell, the explosion of online fraud and, on top of that, the unimaginable loss of business due to good paying customers abandoning online shopping carts due to fake card rejections, is driving the loss of billions of dollars annually by merchants and credit card issuers in lost sales and outright fraud,” said SmartMetric President and CEO Chaya Hendrick.

Without going into too much detail, the SmartMetric biometrics activated credit card allows e-merchants to fight against customers who claim that they were not the ones who carried out the transaction (customer fraud) and at the same time to validate the User legitimacy of the card thus allowing for greater acceptance of transactions, which will greatly reduce losses due to payment cart abandonment that is rampant in the online world.

The SmartMetric biometric credit and debit card uses the cardholder’s fingerprint which is read by a nano fingerprint scanner inside the card, to activate the card before inserting it into the reader card 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.

“Using the SmartMetric Biometric Credit Card which only allows the legal cardholder to use the card, protects card users, merchants, card processors and banks with advanced biometric technology embedded in the card,said Chaya Hendrick.

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/

Safe Harbor Statement: 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. In addition, such forward-looking statements are as that term is defined 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 such 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”, “probable”, “should”, “would” and variations of these similar terms and expressions, or the negative of these terms or expressions similar. These forward-looking statements are necessarily based on estimates and assumptions that, although considered 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 fund 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 the Company’s filings with the United States Securities and Exchange Commission, including our Annual Report on Form 10-K, which documents 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 undertake no obligation to publicly update these forward-looking statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting the forward-looking statements, except to the extent required. by applicable laws. If we update one or more forward-looking statements, no conclusion should be drawn that we will make additional updates with respect to such or other forward-looking statements. Investors and security holders are urged to carefully review and review each of SmartMetric Inc.’s public filings with the SEC, including, but not limited to, where applicable, annual form reports. 10-K, proxy statements, Current Reports on Form 8-K, and Quarterly Reports on Form 10-Q.

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