SmartMetric The Maker Of Biometric Credit Cards Says After A Card Fraud Event 63 Percent Of Consumers Use Their Credit Cards Less
NEW YORK--(BUSINESS WIRE)--Mar 7, 2019--SmartMetric, Inc. (OTCQB: SMME) says the alarming increase in fraud notifications has a significant impact on consumers trust in institutions issuing credit cards. This is born out in the how consumers’ use of cards changes as a direct result following a card fraud incident.
According to an ACI Worldwide Impact Report – Global Consumers: Losing Confidence in the Battle Against Fraud: “ After experiencing fraud, 63 percent of consumers use their card less, at least in some situations, than they had previously.”
Additional 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 card transaction business from their card holders even after a card is replaced following a fraud incident is a serious hidden cost for 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. Not to mention the fact that a biometric credit card adopted by card users for a more secure card experience would become the top-of-the-wallet card garnering the majority of the card holders card transactions,” 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.
According to a research report by Javelin Strategy and Research titled “The 2018 Identity Fraud Study” nearly 1/3 of United States consumers were notified of a breach in 2017, an increase over the previous year, which was 12% of consumers.
The impact of almost constant news in the media is having on consumer sentiment is shown by the research showing a marked increase in consumers concerned about fraud. Of the general population in 2016, 51% were concerned about fraud. This figure rose in 2017 to 69% of the general population. SmartMetric commissioned a consumer research survey which found amongst Visa credit card holders 80% are concerned about credit card fraud. This clearly demonstrates consumers who actually own and use a credit card are more concerned about fraud than the general public.
SmartMetric is the pioneer of in-card biometrics, having spent over a decade in developing an extremely thin miniature fully functional fingerprint scanner that is less than a 1/3 the thickness of a standard credit card. Its biometric credit card meets ISO and industry standards for credit card thickness and size, allowing it to work in existing retail card readers and ATM’s.
SmartMetric is the developer of Biometric Credit Cards that use the SmartMetric inside-the-card biometric fingerprint scanner to lock and unlock the credit card. The SmartMetric solution overlays biometric protection on top of the credit card chip card technology. There are now more than 7 Billion chip payments cards issued globally.
SmartMetric biometric cards are available to Banks in the United States through SmartMetric’s industry distributor, PROTEC. PROTEC Secure Card (PSC) based in New Jersey, have years of experience in the Credit Card industry both in the USA and Latin America. PSC is an established Visa, MasterCard and Discover certified credit card manufacturer that specializes in advanced high-quality credit card production for card issuing Banks in the United States along with Central and Latin America. The company is a leader using the most updated equipment and technologies in their secure production facility.
To find out more about the SmartMetric biometric card solution please visit the company site at www.smartmetric.com
To view the SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card
*ACI Worldwide Impact Report – Global Consumers published in 2014 - https://www.securitymagazine.com/articles/85684-credit-card-fraud-impacts-consumer-confidence-worldwide
1. ACI Worldwide and Aite Group. Global Consumer Card Fraud: Where Card Fraud Is Coming From; infographic/summary and full report;
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: 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.
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CONTACT: SmartMetric, Inc.
3960 Howard Hughes Parkway
Las Vegas, NV 89169
www.smartmetric.comFor USA Sales Please Contact:
Protec Secure Card
Eatontown, NJ 07724
Tel. +1-732-542-0800Investor Relations
Everest Corporate Advisors, Inc.
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS HARDWARE OTHER TECHNOLOGY SECURITY PROFESSIONAL SERVICES BANKING
SOURCE: SmartMetric, Inc.
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PUB: 03/07/2019 03:56 PM/DISC: 03/07/2019 03:56 PM