SmartMetric Reports That 127 Million Americans Have Had a Fraudulant Charge on Their Credit or Debit Cards, Giving a Huge Motivation to Consumers to Adopt Safer Biometric Based Credit and Debit Cards

Rhea-AI Summary

SmartMetric, Inc. (OTCQB: SMME) highlights the alarming prevalence of credit card fraud, affecting nearly 127 million American adults, with many experiencing multiple incidents. As card payments dominate consumer transactions, the need for enhanced security becomes critical. Market research indicates over 60% of credit card users in the U.S. are inclined to adopt biometric credit cards for added safety. SmartMetric's innovative card utilizes fingerprint biometrics for secure transactions, with manufacturing capacity exceeding one million cards monthly in the U.S. The company awaits approval from major global payment networks for rollout.

Positive

• Over 60% of U.S. credit card holders show interest in purchasing biometric credit cards for enhanced security.
• SmartMetric is positioned to manufacture over one million biometric cards monthly for U.S. banks.
• The biometric solution addresses the growing market of chip-based credit and debit cards, which surpassed 10.8 billion in circulation globally.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME): Nearly half of all American adults have had a fraudulent charge on their credit or debit cards, amounting to around 127 million people. More than one in three credit or debit card holders has experienced card fraud more than once.¹

(Photo: Business Wire)

This high rate of card fraud victims is even more alarming when it is noted that consumers now use cards as their major form of payment in the USA. According to a report by the Atlanta Fed ², card payments were more popular than paper or electronic payments in 2020. In a typical month, consumers made an average of 43 payments using debit, credit, or prepaid cards (or 63 percent of total payments); 17 payments using cash, paper checks, and other paper instruments (26 percent); and eight payments using electronic and other means of payment (11 percent).

SmartMetric contracted independent market research shows that over 60% of existing credit card holders in the USA are willing to purchase a biometric credit card for an added sense of security.

It is estimated that there are over 200 million credits and debit cards issued in the United States.

The SmartMetric biometric in-the-card security uses a card holder's fingerprint biometrics to identify the card user and turn on the card as it is being inserted into a card reader or ATM. A sensor is on the top of the card and is simply touched by the user as they reach across to insert their card in a reader. In less than a second the card holder’s fingerprint is scanned and matched with their pre-stored in-the-card fingerprint, which in turn activates the card for a transaction.

“We are excited for the planned rollout of our card once it has passed through the approval and testing procedures of a major global payments network,” said SmartMetric’s President and CEO, Chaya Hendrick.

SmartMetric is the only USA-based Biometric Credit Card company and has current manufacturing capacity to supply United States card issuing Banks with more than a million cards a month.

SmartMetric’s Biometric card addresses the multibillion existing chip-based credit and debit card market. Figures published by EMVCo³ reveal that by year end of 2020, 10.8 billion EMV^® chip cards have been issued by financial institutions and were in global circulation – a massive increase of nearly 1 billion credit and debit EMV^® cards compared to the previous twelve months.

To view the SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com

SOURCES:
¹ Credit Card Fraud 2021 Annual Report: Prevalence, Awareness, and Prevention | Security.org
² 2020-survey-of-consumer-payment-choice.pdf (atlantafed.org)
³ 10 Billion and Counting: What the Latest EMV® Chip Data Means for Global Payments - EMVCo

EMV is a registered trademark of EMVCo

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005762/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687 or (305) 607-3910

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What recent trends indicate about credit card fraud in the U.S.?

Nearly half of American adults have experienced fraud on their credit or debit cards, highlighting a critical security issue.

What security innovation is SmartMetric working on?

SmartMetric is developing a biometric credit card that uses fingerprint recognition to enhance transaction security.

What is the manufacturing capacity of SmartMetric for biometric cards?

SmartMetric can supply over one million biometric cards per month to U.S. issuing banks.

When does SmartMetric plan to roll out its biometric card?

The rollout of the biometric card is pending approval from a major global payments network.

How significant is the demand for biometric credit cards among U.S. consumers?

Market research shows that over 60% of current credit card holders in the U.S. are willing to buy a biometric credit card for enhanced security.