SmartMetric Says Hardened Credit Card Security From Using Biometrics Is Needed More Than Ever as Card Fraud Continues to Grow Exponentially

Rhea-AI Summary

SmartMetric, Inc. (OTC: SMME) Reports Surge in Credit Card Fraud Rates in the US

Positive

• The report highlights the alarming increase in credit card fraud rates in the United States, with 151 million Americans falling victim to fraud. This represents a significant 65% of credit and credit card holders, up from 58% last year.

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• None.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) reports on credit card fraud are continuing to show an explosion in fraud rates in the United States. According to a report released this year by Security.org¹ 151 million Americans have fallen victim to credit card fraud.

• 65 percent of credit and credit card holders have been fraud victims at some point in their lives, up from 58 percent last year. This equates to about 151 million Americans.
• An increasing number of Americans have been victimized multiple times: in 2022, 44 percent of credit card users reported having two or more fraudulent charges, compared to 35 percent in 2021.

Credit Card fraud is a growing issue for both card holders and card issuing banks. The biggest under the radar cost to the consumer is the add-on fraud crimes that happen following a credit card fraud instance. A growing number of credit card fraud victims become also victims of other identity theft-based crimes which can be financially devastating to card fraud victims, according to SmartMetric.

“The need for a more secure credit and debit card is more needed today than ever before. That is why we have spent so much effort and time to create a work anywhere at anytime biometric protected payments card,” said SmartMetric’s President & CEO, Chaya Hendrick.

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

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 in turn activates the card.

The SmartMetric biometric credit card is the only advanced biometric payments card product with an internal rechargeable battery that allows the card to be used in all card usage cases such as restaurants and ATMs. Having its own power inside the card allows the SmartMetric biometric card to work prior to the card being inserted into a card reader.

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, turns on the card's EMV contact and contactless payments chip.

According to an article published by Finder.com² 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 2023 Credit Card Fraud Report | Security.org

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/20231107825354/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 is the latest report from SmartMetric, Inc. (OTC: SMME) about?

The latest report from SmartMetric, Inc. (OTC: SMME) highlights the surge in credit card fraud rates in the United States.

How many Americans have been affected by credit card fraud according to the report?

According to the report, 151 million Americans have fallen victim to credit card fraud.

What is the percentage of credit and credit card holders who have been fraud victims?

The report indicates that 65% of credit and credit card holders have been fraud victims, up from 58% last year.