SmartMetric, the developer of the biometric-secured credit card, says the ongoing decline in fraud costs for US merchants, which is now valued at more than $ 39 billion, is unsustainable
NEW YORK, December 27, 2021– (BUSINESS WIRE) – SmartMetric, Inc. (OTCQB: SMME): The LexisNexis fraud cost report for 2021 has shown a significant increase since shortly before COVID-19. Each $ 1 scam costs US merchants $ 3.60 compared to $ 3.13 in the pre-COVID period (+ 15.0%). The significant percentage of identity-related fraud cases continues to take place at the point of sale. 1
The Merchant Risk Council estimates the US had lost $ 11 billion in credit card fraud losses by the end of 2020. The US is responsible for a third of the world’s credit card fraud, and 2020 saw even higher numbers than before.2 Using Lexis Nexis’ true fraud cost multiplier, which takes into account a merchant’s total losses, that $ 11 billion in credit card fraud would translate into an actual loss of over $ 39.6 billion for US merchants.
The multiplier effect of fraud takes into account the cost of restocking lost goods, man hours, shipping costs, etc. It estimates the total loss a business will incur based on the actual dollar value of a fraudulent transaction
As a leader in fingerprint-activated biometric credit cards, SmartMetric sees 2022 as the year major credit card-issuing banks around the world will push the adoption of advanced biometric cards. “Biometric fingerprint-activated credit cards are a powerful new weapon in the fight against the ongoing war on fraudsters,” said Chaya Hendrick, President and CEO of SmartMetric today.
SmartMetric has developed an integrated credit card, a fingerprint reader that scans your fingerprint in less than a second when you touch a sensor on the surface of the card. Your fingerprint will then be compared with your fingerprint stored inside the card and if they match, your card will be switched on. Instant secure user validation that goes beyond the use of a PIN to protect the use of a credit or debit card in a transaction.
What sets the SmartMetric Biometric Card solution apart from others is that it comes with its own internal power source. This allows the card to function and perform the fingerprint scan before the card is inserted into a reader. This enables the card to be used in normal ATMs and in situations where the card is used in places such as a restaurant where the card is removed from the dining table for processing.
The SmartMetric fingerprint scanner in the card means that the card’s chip only works after the card user’s fingerprint has been successfully scanned and compared. In contrast to other biometric cards, with the SmartMetric card the card user does not have to go to a bank branch to have their fingerprint stored on their new biometric card. Instead, the SmartMetric Biometric Card enables the card user to register their fingerprint just as easily when receiving it at home for the first time as when registering their fingerprint on a smartphone.
SmartMetric’s touch-and-store read-once technology developed by SmartMetric for its biometric card enables financial institutions to issue their cards directly to consumers, as they normally would, without consumers having to go to a bank branch to view their new biometric Activate card.
SmartMetric is a US-based company with sales and marketing partnerships in Latin America, Europe and the US. The electronics of the biometric card are developed in-house and are the intellectual property of SmartMetric.
SmartMetric has issued patents and patent applications related to its biometric card technology.
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