NEW YORK, NY — (Marketwired) — 08/10/15 — SmartMetric, Inc. (OTCQB: SMME) U.S. fraud losses equalled 12.75 cents for every $100 in total volume last year. Global payment card fraud, grew by 19%, which outpaced transaction volume growth that grew by only 15% according to a report published by The Nelson Report.
What is concerning is even after the increased usage globally of EMV chip cards designed to make card fraud more difficult, the actual fraud rate over card transaction card growth increased substantially by 4%.
The majority of this direct card fraud cost was born by credit card issuers followed by card accepting merchants. What isn–t calculated is the direct cost to the consumer is who is reported to suffer significant costs from identity thefts that flow from card fraud and data theft incidents. It is estimated that 1/3 of consumers who have been victims of a data breach and have their credit or debit cards replaced end up becoming victims directly of identity theft. This cost to the consumer is something card companies do not cover or take responsibility for.
SmartMetric has created the next generation anti-fraud card technology by embedding inside credit and debit cards a fully functional fingerprint scanner. Our breakthrough miniature fingerprint scanner that fits inside EMV chip credit cards will provide an advanced biometric defense to the global payments industry said today SmartMetric–sSmartMetric President and CEO, Chaya Hendrick.
According to industry standards group, EMVco more than 3.4 billion EMV chip payments cards have been issued worldwide.
SmartMetric is the developer of fingerprint authenticated and activated payments cards for use by credit and debit card issuers globally.
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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