SmartMetric, Solving the $190 Billion Annual Fraud Problem
October 30 2013 - 12:21PM
Marketwired
SmartMetric, Solving the $190 Billion Annual Fraud Problem
SmartMetric Biometric Card Solution Ties the User to the Card --
the Person Becomes the Identifier Not a Hackable Number or
Password
NEW YORK, NY--(Marketwired - Oct 30, 2013) - SmartMetric, Inc.
(OTCQB: SMME) - Speaking today, SmartMetric™ Inc. President &
CEO Chaya Hendrick said Merchants in the United States are losing
approximately $190 billion a year to credit card fraud -- much of
it online, according to a Lexis Nexis study, "The True Cost Of
Fraud." Banks lose $11 billion annually and customers loses are
about $4.8 billion annually. Merchants lose almost twenty times as
much as banks.
Direct Identity fraud causes a total of $48 billion in losses
each year, shared among retailers, consumers and financial
institutions.
The SmartMetric Biometric payments card can be used for
safeguarding both online and off online retail transactions with a
simple and inexpensive computer adaptor that can be bundled with
the SmartMetric biometric card and also the same fraud safeguarding
SmartMetric Biometric EMV card can then be used at millions of ATM
and retail card reading machines around the world, while at the
same time being used to safeguard consumers, merchants and
financial institutions alike from fraud.
SmartMetric has developed a fingerprint reader that sits inside
a person's ATM or Credit Card. It is self powered allowing it
to perform a fingerprint match while a person is standing at a
retail checkout or on the street at an ATM. A person simply
swipes their finger across the SmartMetric sensor on the surface of
the card and the card's internal computer processor performs a
match with the person's fingerprint that is pre-stored in the
memory of the card itself. For added security a person's
fingerprint is always stored and encrypted inside the card and IS
NOT stored on a banks computer. When a match occurs the card's EMV
surface mounted chip is then turned on allowing a transaction at
the millions of ATM and retail card machines around the world.
Banks don't have to retrofit existing retail ATM's or POS retail
card readers to make them "biometric" compatible since the
SmartMetric system is built around the banking industry standard
EMV system.
It works using the industry standard EMV chip on the surface of
the card so that the SmartMetric biometric activated card is
compatible for use throughout the payments industry
worldwide. EMV is an acronym for Europay Mastercard Visa and
has been adopted and in use in most major markets around the
world. It is now being actively deployed in the USA with all
of the major card companies and their partner banks having already
issued millions of these EMV "chip" cards nationally.
The Biometric activated EMV card provides absolute purchaser
identity verification for both online and offline purchasing
providing a paradigm shift away from traditional and ever
increasingly vulnerable methods.
For further information on SmartMetric and its technology please
go to www.smartmetric.com. For information on the SmartMetric™
MedicalKeyring™ please go to www.medicalkeyring.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.
Contact Information Investor Relations: Jens Dalsgard
ConstellationAA.com Office: 775.771.5808 SmartMetric, Inc. Ms.
Chaya C. Hendrick President & CEO Direct: 786.269.2238
ceo@smartmetric.com
SmartMetric (PK) (USOTC:SMME)
Historical Stock Chart
From Jun 2024 to Jul 2024
SmartMetric (PK) (USOTC:SMME)
Historical Stock Chart
From Jul 2023 to Jul 2024