SmartMetric Says Reports the Xfinity Data Breach This Week, Comcast Hack Affects Nearly 36 Million United States Customers Showing the Urgent Need for More Secure Credit Cards Such as the SmartMetric Biometric Fingerprint Secured Credit Card

Rhea-AI Summary

SmartMetric, Inc. (OTC: SMME) reports a significant increase in credit card fraud in the United States, with 151 million Americans falling victim. The company's biometric fingerprint technology aims to provide enhanced identity security for credit card users.

Positive

• Significant increase in credit card fraud in the United States
• Biometric fingerprint technology aims to provide enhanced identity security for credit card users

Negative

• Sensitive personal data of more than 35 million people compromised
• Troubling near term and long term risk to consumers
• Exponential growth in fraud rates in the United States

NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) the sensitive personal data of more than 35 million people has been compromised. Now, victims’ full names, Social Security numbers and dates of birth may be in the hands of criminals, putting victims at a greater risk of identity theft and other frauds. ¹

The troubling near term and long term risk to consumers is where data thieves use a person’s information to take over existing credit card accounts or even setting up false bank accounts using the newly stolen identity data.

“Account takeover is a serious flow on from personal data information data thefts. Having biometric fingerprints stored inside a card that is used to positively verify the identity of the card user provides the next level of identity security for credit card users," said SmartMetric’s President and CEO, Chaya Hendrick.

As reported by SmartMetric last week, reports on credit card fraud are continuing to show an exponential growth in fraud rates in the United States. According to a report released this year by Security.org ² 151 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 well over a decade in research and development to create a work anywhere at anytime biometric protected credit card," said SmartMetric’s President & CEO, Chaya Hendrick.

“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, gas stations and ATM’s. Having its own power inside the card allows the SmartMetric biometric cards fingerprint scan and match to turn on the card, before it is inserted into a card reader," 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 a nano fingerprint scanner that is used to recognize the card holders fingerprint and on a fingerprint match, instantly turn 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 cards new and advanced internal operating system on the new card hardware platform," said 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 cards EMV contact and contactless payments chip.

According to an article published by Finder.com ³ 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 https://www.darkreading.com/cyberattacks-data-breaches/console-associates-p-c-comcast-xfinity-reports-data-breach-exposing-confidential-information-of-35m-customers
² 2023 Credit Card Fraud Report | Security.org
³ 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/20231221376746/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 ticker symbol for SmartMetric, Inc.?

The ticker symbol for SmartMetric, Inc. is OTC: SMME.

How many Americans have fallen victim to credit card fraud according to the report?

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

What is SmartMetric's approach to enhancing identity security for credit card users?

SmartMetric aims to provide enhanced identity security for credit card users through its biometric fingerprint technology.

What is the concerning aspect of the PR regarding consumer data?

The concerning aspect is the compromise of sensitive personal data of more than 35 million people, leading to a greater risk of identity theft and other frauds.

What are the negative implications for consumers due to the increase in fraud rates?

Consumers face troubling near term and long term risks, including potential account takeover and setting up false bank accounts using the stolen identity data.

What is the positive aspect of the PR related to identity security?

The positive aspect is SmartMetric's focus on providing the next level of identity security for credit card users through biometric fingerprints stored inside a card.

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

65 percent of credit and credit card holders have been fraud victims at some point in their lives, according to the report.

What is the trend in credit card fraud rates in the United States?

Reports show an exponential growth in fraud rates in the United States, as reported by SmartMetric.