SmartMetric Says 69% of Financial Fraud Victims Become Fearful Regarding Their Personal Financial Security, While in Addition Card Fraud Causes Direct Damage to the Card Issuing Brand and Its Relationship to Its Credit Card Customer Base

Rhea-AI Summary

SmartMetric, Inc. (OTCQB: SMME) highlights the emotional and financial toll of credit card fraud on consumers and issuing banks. A recent study reveals that 69% of victims feel fear for their financial security, while 81% experience frustration. SmartMetric has developed a biometric credit card featuring a fingerprint scanner that enhances security during transactions. Notably, 80% of card users express concern about fraud, and 68% would pay extra for such a secure card. This innovation aims to help banks reduce the long-term costs associated with fraud.

Positive

• SmartMetric's biometric credit card features an integrated fingerprint scanner for enhanced security.
• 80% of card users are concerned about fraud, indicating a strong market for secure payment solutions.
• 68% of credit card holders are willing to pay for a biometric credit card.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME) – When it comes to damage to a card issuing bank caused by financial fraud such as credit card theft, the damage goes far beyond the immediate financial loss for both the bank and the bank's card customers.

When asked how being a fraud victim made them feel, consumers respondents (69%) said they felt fear regarding their personal financial security. An even larger number felt frustration and annoyance (81%), while those who felt rage or anger was (58%).

These figures show that the emotions surrounding financial fraud are serious and significant in the minds of the bank's customers when they become credit card fraud victims. The damage to the bank's brand and customer relationship stemming from a card fraud instance, based on these research figures, is extremely serious.

“The economic cost as a consequence for a card issuing bank when it comes to fraud can be longer lasting and more costly than the immediate losses from the fraud instance,” said SmartMetric’s President & CEO, Chaya Hendrick.

EFFECT ON CONSUMERS	RESPONSE
Frustration or annoyance	81%
Fear regarding my personal financial security	69%
Rage or anger	58%
Sense of powerlessness or helplessness	54%
Loss of ability to trust	51%
Feelings of betrayal	44%
Shame or embarrassment	28%

Source: Identity Theft Resource Center
https://www.creditcards.com/credit-card-news/credit-card-security-id-theft-fraud-statistics-1276.php

SmartMetric has created a biometric protected credit card that provides a safer card payment experience for card issuers' customers. The SmartMetric credit card has an inbuilt fingerprint scanner that reads the card user's fingerprint and activates the card's EMV chip as it is being inserted into a retail card reader or ATM. Only the legitimate card holder can use the card.

According to consumer research commissioned by SmartMetric, 80% of card users are concerned about card fraud and identity theft. The same research of credit card holders showed that 68% of credit card holders would pay for a biometric credit card.

SmartMetric is offering its card to credit card issuing banks, who will in turn offer the new biometric card to their customers who are looking for greater protection.

According to figures released by the credit card standards body EMVco, more than 10 billion EMV Chip cards have been now issued by financial institutions around the world. The SmartMetric biometric technology works with existing these EMV chips and existing chip card readers and ATMs.

ABOUT THE SMARTMETRIC BIOMETRIC CARD: Keeping your biometric identity safe is at the center of the design of the SmartMetric biometric card. At no time does a card holder's fingerprint leave the card. A person’s fingerprint is stored inside the card and matching of the person's fingerprint is done on the card itself. This was a central design requirement of the SmartMetric biometric card solution that necessitated SmartMetric to create a self-powered inside the card, fully functional fingerprint scanner. Also, so that the card could be used at ATMs and POS (Point Of Sale) card readers the SmartMetric development team created an on card miniature power management system that recharges the card as it is being used in card readers.

To view the company website: 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220906005996/en/

SmartMetric, Inc.

Head Office

702.990.3687 or 305.607.3910

ceo@smartmetric.com

Source: SmartMetric, Inc.

FAQ

What are the emotional effects of credit card fraud according to SmartMetric's study?

According to SmartMetric's study, 69% of fraud victims feel fear for their financial security, while 81% feel frustration.

What innovative product has SmartMetric developed to address credit card fraud?

SmartMetric has developed a biometric credit card featuring a fingerprint scanner to enhance transaction security.

What percentage of card users are willing to pay extra for a biometric credit card?

68% of credit card holders indicated they would pay more for a biometric credit card.

How many EMV chip cards have been issued globally according to SmartMetric?

More than 10 billion EMV chip cards have been issued by financial institutions worldwide.