NEW YORK--(BUSINESS WIRE)--SmartMetric, Inc. (OTCQB: SMME) – When it comes to damage to a card issuing bank caused by financial fraud such as credit card theft, the damage goes far beyond the immediate financial loss for both the bank and the bank's card customers.
When asked how being a fraud victim made them feel, consumers respondents (69%) said they felt fear regarding their personal financial security. An even larger number felt frustration and annoyance (81%), while those who felt rage or anger was (58%).
These figures show that the emotions surrounding financial fraud are serious and significant in the minds of the bank's customers when they become credit card fraud victims. The damage to the bank's brand and customer relationship stemming from a card fraud instance, based on these research figures, is extremely serious.
“The economic cost as a consequence for a card issuing bank when it comes to fraud can be longer lasting and more costly than the immediate losses from the fraud instance,” said SmartMetric’s President & CEO, Chaya Hendrick.
EFFECT ON CONSUMERS |
RESPONSE |
Frustration or annoyance |
81% |
Fear regarding my personal financial security |
69% |
Rage or anger |
58% |
Sense of powerlessness or helplessness |
54% |
Loss of ability to trust |
51% |
Feelings of betrayal |
44% |
Shame or embarrassment |
28% |
Source: Identity Theft Resource Center
https://www.creditcards.com/credit-card-news/credit-card-security-id-theft-fraud-statistics-1276.php
SmartMetric has created a biometric protected credit card that provides a safer card payment experience for card issuers' customers. The SmartMetric credit card has an inbuilt fingerprint scanner that reads the card user's fingerprint and activates the card's EMV chip as it is being inserted into a retail card reader or ATM. Only the legitimate card holder can use the card.
According to consumer research commissioned by SmartMetric, 80% of card users are concerned about card fraud and identity theft. The same research of credit card holders showed that 68% of credit card holders would pay for a biometric credit card.
SmartMetric is offering its card to credit card issuing banks, who will in turn offer the new biometric card to their customers who are looking for greater protection.
According to figures released by the credit card standards body EMVco, more than 10 billion EMV Chip cards have been now issued by financial institutions around the world. The SmartMetric biometric technology works with existing these EMV chips and existing chip card readers and ATMs.
ABOUT THE SMARTMETRIC BIOMETRIC CARD: Keeping your biometric identity safe is at the center of the design of the SmartMetric biometric card. At no time does a card holder's fingerprint leave the card. A person’s fingerprint is stored inside the card and matching of the person's fingerprint is done on the card itself. This was a central design requirement of the SmartMetric biometric card solution that necessitated SmartMetric to create a self-powered inside the card, fully functional fingerprint scanner. Also, so that the card could be used at ATMs and POS (Point Of Sale) card readers the SmartMetric development team created an on card miniature power management system that recharges the card as it is being used in card readers.
To view the company website: www.smartmetric.com
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