NEW YORK--(BUSINESS WIRE)--SmartMetric, Inc. (OTCQB: SMME) – A 2016 iovation/Aite Group study on EMV’s projected impact on financial fraud reports that credit card fraud losses may climb to as much as $10 billion in the United States alone by 2020.
According to a study conducted by Lexis Nexis, “Retail fraud continues to increase sharply year-on-year, along with its cost.”
• The average volume and value of fraudulent transactions has risen.
• And, the level of fraud as a percentage of revenues has moved upwards (1.58% to 1.80% on average).
For every dollar taken in by a retailer, 1.8% leaves the retailer’s hands due to the cost of fraud. This is an incredible unseen tax on the public as these fraud costs are invariably passed on to the consumer through higher retail prices to cover these card fraud losses said SmartMetric’s President & CEO, Chaya Hendrick, today.
The real cost of fraud for each $1.00 lost to fraud by a retailer is $2.94, which involves increased expenses related to chargebacks, fees, merchandise redistribution, labor/investigation, legal prosecution and IT/software security. This is a 6% increase from the previous year.
SmartMetric has developed a credit card that uses the card holder’s fingerprint to activate the credit or debit card prior to it being inserted into a retailers credit card reader or ATM. This allows for a full 100% biometric validation of the card user.
“Using biometrics inside the credit card is something that has taken us over 15 years of R&D, but now we find ourselves with arguably the most advanced and exciting biometric solution to fight credit card fraud,” said Chaya Hendrick.
Follow these links to view the SmartMetric biometric credit card: Using the SmartMetric Card at an ATM, Storing your fingerprint on your card, Using the SmartMetric Biometric Card at an ATM, SmartMetric Biometric Portable Medical Records Card. To view the company website: www.smartmetric.com.
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.
