SmartMetric Says Credit Card Fraud Is Immense With Projected Global Losses Reaching an Astounding $43 Billion by 2026

Rhea-AI Summary

SmartMetric, Inc. (OTC: SMME) has developed a biometric fingerprint credit card that offers enhanced security, convenience, and contactless payment options. The card has an in-the-card nano fingerprint scanner that recognizes the cardholder's fingerprint and instantly turns on the card. The company is now manufacturing the mass market version of the card following successful testing of the new internal operating system on the new card hardware platform. With projected global credit card fraud losses reaching $43 billion by 2026, the need for robust fraud prevention strategies is urgent, making SmartMetric's biometric card a significant advancement in credit card security.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) A biometric fingerprint credit card is better than regular credit cards in several ways. Here are some of the advantages of using a biometric card:

• Enhanced security: A biometric card can verify your identity with your fingerprint, which is unique and difficult to forge. This can prevent unauthorized use of your card if it is lost or stolen. Unlike a PIN or a signature, your fingerprint cannot be guessed or copied by fraudsters.
• Convenience: A biometric card can make payments faster and easier, as you do not need to remember or enter a PIN or sign a receipt. You just need to touch your finger on the card and insert or tap it on the reader. This can also reduce the risk of forgetting or losing your PIN.
• Contactless payment: A biometric card can enable contactless payment, which is more hygienic and convenient than swiping or inserting your card. Contactless payment can also reduce the wear and tear of your card and the reader. Moreover, contactless payment can increase the transaction limit, as you do not need to enter a PIN for higher amounts.

The financial repercussions of credit card fraud are immense, with projected global losses reaching an astounding $43 billion by 2026. In the United States alone, credit card fraud losses are projected to exceed $12.5 billion within the next two years. These figures underscore the urgent need for implementing robust fraud prevention strategies and leveraging advanced technologies to protect consumers and businesses from financial harm. ¹

Incorporating a biometric fingerprint identity scanner inside the credit card such as has been done by SmartMetric brings a powerful defense against credit card fraudsters using the power of biometrics.

The SmartMetric Gen 4 Biometric Fingerprint Card has been developed to meet the specific demand of the credit card industry and credit card users for enhanced credit card security. The card has an in-the-card nano fingerprint scanner that is used to recognize the card holder’s fingerprint and on a fingerprint match, instantly turning on the card.

“The mass market version of the SmartMetric Gen 4 biometric credit card is now under manufacture following the successful testing of the card's new and advanced internal operating system on the new card hardware platform,” said SmartMetric's President and CEO, Chaya Hendrick.

The SmartMetric biometric fingerprint recognition technology built inside of the credit and debit card uses embedded biometric technology to positively recognize the card holder, and then only after a positive fingerprint recognition, turn on the card's EMV contact and contactless payments chip.

According to an article published by Finder.com ² the number of credit card accounts open in the United States is 564,500,000. This is an all-time high for the United States.

The average American owns three credit cards. 83% of Americans own at least one credit card. 14% of Americans own at least 10 credit cards.

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

¹ Credit Card Fraud in 2023 - Credit Card Processing and Merchant Account (clearlypayments.com)
² 2023 Credit card debt and spending statistics in the US | finder.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/20240122652997/en/

SmartMetric, Inc.

Chaya Hendrick

Tel: (702) 990-3687

Mobile: (305) 607-3910 (Pacific Time)

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What are the advantages of using a biometric card?

A biometric card offers enhanced security, convenience, and contactless payment options. It can verify the user's identity with their fingerprint, making it difficult for fraudsters to forge or copy. It also enables faster and easier payments and reduces the risk of forgetting or losing a PIN. Additionally, it allows for contactless payment, which is more hygienic and can increase the transaction limit.

What is the ticker symbol for SmartMetric, Inc.?

The ticker symbol for SmartMetric, Inc. is SMME.

What technology does the SmartMetric Gen 4 Biometric Fingerprint Card use?

The SmartMetric Gen 4 Biometric Fingerprint Card uses embedded biometric technology to recognize the cardholder's fingerprint and turn on the card's EMV contact and contactless payments chip after a positive fingerprint recognition.

What are the projected global credit card fraud losses by 2026?

The projected global credit card fraud losses are expected to reach $43 billion by 2026.

What is the urgent need mentioned in the press release?

The press release mentions the urgent need for implementing robust fraud prevention strategies and leveraging advanced technologies to protect consumers and businesses from financial harm.