Smartmetric Points to the Need for Better Card Transaction Security
NEW YORK, NY–(Marketwired – August 26, 2015) – SmartMetric, Inc. (OTCQB: SMME) — According to a research report published by Lexis Nexis titled, the “True Cost of Fraud” in 2013 merchants in the United States lost, on average, 0.68% of revenue — a 33% greater proportion than the previous year. In addition to their fraud losses, merchants also incurred more costs, with each dollar of fraud costing them $3.08, compared to $2.79 the previous year. The average merchant suffered 133 successful fraudulent transactions per month, up 46% from the previous year.
SmartMetric has created a stronger anti-fraud defense by building inside a credit card a fully functional fingerprint reader that is used to scan a person’s fingerprint prior to insertion of the card into an ATM or Point Of Sale card reader. An added feature of the SmartMetric biometric card security system is that the person’s fingerprint is stored inside the card and never leaves the card. The SmartMetric biometric card technology is designed to operate with the new EMV credit and debit card technology using a person’s fingerprint to turn on the EMV chip before a transaction and following a 100% match and verification of the card holder.
“Our in-card biometric card technology is a game changing technology that will bring enhanced security to the card payments industry around the world with our state of the art biometric fingerprint security system developed by SmartMetric, inside a person’s credit card,” said SmartMetric’s President & CEO, Chaya Hendrick today.
To view a video of the SmartMetric biometric chip card follow this link:
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.