SmartMetric Says Its Biometric User Fingerprint Credit Card Stands to Save Card Issuers and Merchants Billions of Dollars

Rhea-AI Summary

SmartMetric, Inc. (OTC-PINK: SMME) announced its biometric fingerprint activated credit card, the only one with a rechargeable battery and advanced fingerprint recognition technology. The card is set for submission for approval to a major credit card network and discussions are ongoing with a leading U.S. issuer for public distribution. This launch responds to rising fraud rates, with U.S. businesses potentially losing $30 billion due to chargebacks, primarily from fraudulent transactions. The biometric technology ensures only authorized users can activate and use the card, enhancing security for all parties involved.

Positive

• SmartMetric's biometric credit card features advanced security with a rechargeable battery and fingerprint recognition technology.
• The card is being submitted for approval to a major credit card network, indicating strong market interest.
• Ongoing discussions with a leading credit card issuer could lead to significant market penetration.

Negative

• The company faces competition from established credit card providers and alternative biometric solutions.

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTCQB: SMME) biometric fingerprinted activated credit card is the world's only biometric card that includes a state of the art miniature hybrid solid state rechargeable battery along with a sophisticated hardware solution that distinguishes between a live human fingerprint from a fake one.

The more advanced SmartMetric biometric credit card is being readied for submission to one of the world’s largest credit card networks for operating approval on its network.

Discussions are being held with a major credit card issuer in the United States for distribution to the public of the leading next generation biometric credit card created by SmartMetric.

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 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.

Further information on the SmartMetric biometric credit card is available on the company website at www.smartmetric.com

Figures used are from: https://chargebacks911.com/scary-chargeback-facts/

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/20220902005267/en/

SmartMetric, Inc.

Chaya Hendrick

President & CEO

3960 Howard Hughes Parkway, Suite 500

Las Vegas, Nevada. 89169 USA

Tel: +1.702.990.3687 or +1.305.607.3910

ceo@smartmetric.com

www.smartmetric.com

Source: SmartMetric, Inc.

FAQ

What is SmartMetric, Inc.'s new product related to SMME?

SmartMetric, Inc. has announced a biometric fingerprint activated credit card aimed at enhancing security in transactions.

What potential losses are associated with online fraud mentioned by SmartMetric?

SmartMetric highlights that U.S. businesses could face losses up to $30 billion due to chargebacks primarily caused by fraudulent transactions.

Is the SmartMetric biometric card approved for use?

The SmartMetric biometric credit card is currently being prepared for submission for approval to a major credit card network.

How does the SmartMetric biometric card enhance security?

The card utilizes advanced finger scanning technology to ensure that only the authorized cardholder can activate and use it.

What company ticker symbol is associated with SmartMetric?

The company ticker symbol for SmartMetric is OTC-PINK: SMME.