SmartMetric Says Research Reveals Banks Suffer Substantial Card Transaction Losses As A Direct Result Of Card Fraud With 56% of Consumers Changing Card Usage After Experiencing A Card Fraud
NEW YORK, Aug. 22, 2018 (GLOBE NEWSWIRE) -- SmartMetric, Inc. (OTCQB:SMME) – A more secure credit card not only provides peace of mind to the card-using consumer but avoids the substantial financial impact to card-issuing banks from losing card-transaction business to a competitor bank’s card in the card user’s wallet.
Research reveals that nearly half of U.S. consumers have experienced card fraud,(1) while another survey found that 56% of fraud victims changed their card use or shopping behavior after a fraudulent charge.(2)
This shows a seriously heightened concern by credit card users while also revealing a serious business cost for banks above and beyond the direct cost of fraud losses. The cost to banks of lost business from their card holders is a hidden cost not often considered by the card issuing Financial Institutions.
“The ongoing direct losses due to card fraud, along with the substantial hidden costs of lost business, highlights the benefit to card-issuing Banks and consumers alike, from the adoption of a safer biometric based credit card,” said today SmartMetric’s President & CEO, Chaya Hendrick.
SmartMetric is the creator of the in-the-card fingerprint scanner for chip credit cards. It uses a SmartMetric developed miniature and super thin fully functional fingerprint reader that sits inside the credit card. The biometric reader is used to turn on the card’s surface chip following a fingerprint match and prior to being inserted into card readers or ATM’s.
The SmartMetric solution overlays biometric protection on top of the new chip card technology now being issued across the United States. There are now more than 7 Billion chip payments cards issued globally.
1. ACI Worldwide and Aite Group. Global Consumer Card Fraud: Where Card Fraud Is Coming From; infographic/summary and full report; aciworldwide.com/fraud-survey/results 2. Tender Armor. CNP Fraud Consumer Impact: Anxiety That Reduces Credit and Debit Card Usage; cvvplus.com/wp-content/uploads/2016/04/CNP-Fraud-Consumer-Impact-Study.pdf
Safe Harbor Statement: Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. 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. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.
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