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SmartMetric Biometric Credit Card Is Protected by Issued Patents Against Copy Cats
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Rhea-AI Summary
SmartMetric, Inc. (OTC-PINK: SMME) announces its patented biometric credit card technology, which includes fingerprint recognition, providing exclusive rights that prevent competitors from producing similar products in the U.S. market. This exclusivity is crucial as online fraud is escalating, with estimated chargeback losses reaching $30 billion in the U.S. The biometric technology enhances security for cardholders and financial institutions by ensuring only authorized users can access the card.
Positive
SmartMetric holds exclusive patents for biometric credit card technology in the U.S., protecting against copycat products.
The biometric credit card addresses rising fraud, with $30 billion in chargebacks estimated in the U.S.
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None.
NEW YORK--(BUSINESS WIRE)--
SmartMetric, Inc. (OTCQB: SMME) biometric credit card, invented by SmartMetric’s founder and CEO Chaya Hendrick, is protected against copying by other manufacturers by issued patents.
Patents are powerful in protecting original inventors from people or companies that try to copy the invention of an inventor. The USA founding fathers saw the economic benefit and need of protecting the inventions of inventors that protecting inventors inventions is part of the US constitution.
Chaya Hendrick, the CEO and President of SmartMetric is the original inventor of credit cards with fingerprint biometric technology built inside a credit card. As the original inventor, she has been awarded by the United States Patent Office, various patents protecting her inventions from anyone who would seek to copy her inventions.
SmartMetric has received an exclusive license from Chaya Hendrick to develop biometric fingerprint card products based on her patents.
What the SmartMetric licensed biometric patents mean for SmartMetric is that any company that seeks to produce or issue a biometric fingerprint credit card with amongst other card type products, will be stopped from doing so in the United States.
“The issued patents provide SmartMetric exclusivity particularly in the USA market, from product copy cats,” said SmartMetric’s President and CEO, Chaya Hendrick.
A couple of European based companies have set about to copy and infringe the SmartMetric patented biometric product. These companies will be unable to sell their copycat products in the USA market. Any bank or card issuer seeking to issue to its customers, biometric credit cards, will under USA patent law, have to buy such cards from SmartMetric.
The product exclusivity afforded to SmartMetric will be enforced by the company against any business that attempts to introduce a copycat biometric card product in the United States. Using the Federal Trade Commission, copycats will be stopped at the border according to SmartMetric’s President and CEO.
The SmartMetric biometric fingerprint activated credit card is coming to market in the light of alarming figures showing that businesses are suffering monumental losses due to online and at check out, fraud. What is so alarming is that the rate of growth in online fraud for merchants is in triple figures with loses for chargebacks alone being estimated to reach $30 Billion in the United States.
Chargebacks are where the credit card user amongst other things, denies making the card purchase or says they never received the goods. It is estimated that 86% of this $30 billion in “chargebacks" or to be more precise, transaction reversals, are based on fraudulent misrepresentations by the card user.
“Using the SmartMetric biometric credit card that only allows the legal card holder to use the card, protects card users, merchants, card processors and card issuing banks with state-of-the-art biometric technology built inside the credit card,” said today SmartMetric’s President & 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 turn on the card prior to insertion into the card reader or ATM. The cardholder’s biometrics are protected since their fingerprint is stored inside their card and never leaves the card at any time. Only the authorized holder of the SmartMetric biometric credit and debit card can use the card.
“Using the SmartMetric biometric credit card that only allows the legal card holder to use the card, protects card users, merchants, card processors and banks with state-of-the-art biometric technology built inside the card,” said Chaya Hendrick.
Further information on the SmartMetric biometric credit card is available on the company website at www.smartmetric.com
Safe Harbor Statement: Forward-Looking Statements 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. Also 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. 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 the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may 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 plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly 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 additional updates with respect to those or other forward-looking statements.Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.
What are the recent developments for SmartMetric, Inc. (OTC-PINK: SMME)?
SmartMetric has secured exclusive rights to its patented biometric credit card technology, preventing competitors from producing similar products in the U.S. market.
How does SmartMetric's biometric credit card help against fraud?
The biometric credit card uses fingerprint recognition to ensure only authorized users can access the card, addressing significant chargeback losses due to fraud.
What is the estimated chargeback loss due to fraud in the U.S.?
Chargeback losses due to fraud are estimated to reach $30 billion in the United States.
Who is the CEO of SmartMetric, Inc.?
Chaya Hendrick is the CEO and President of SmartMetric, Inc.
