SmartMetric the Maker of Biometric Fingerprint Activated Credit Cards Says Research Shows Credit Card Fraud Causes Direct Damage to the Card Issuing Brand and its Relationship to its Credit Card Customers

NEW YORK, March 28, 2023–(Antara/BUSINESS WIRE)–SmartMetric, Inc. (OTC: SMME) – In the case of damage to the card issuing bank caused by financial fraud such as credit card theft, the loss far outweighs the direct financial loss for both. bank and bank card customers.

SMARTMETRIC SAYS RESEARCH SHOWS 69% OF FINANCAIL FRAUD VICTIMS ARE AFRAID ABOUT THEIR PERSONAL FINANCIAL SECURITY

When asked how they felt about being scammed, consumer respondents (69%) said they felt afraid for their personal financial security. An even greater number felt frustrated and irritated (81%) whereas those who felt angry or angry were (58%).

These figures show that the emotions surrounding financial fraud are serious and significant on the minds of bank customers when they become victims of credit card fraud. The damage to the Bank’s brand and customer relationships stemming from incidents of card fraud, according to the figures of this study, is serious.

“The economic costs as a consequence to card issuing banks related to fraud can be more long-lasting and more expensive than direct losses from instances of fraud,” said SmartMetric President & CEO, Chaya Hendrick.

Source: Identity Theft Resource Center

SmartMetric has created a biometric protected credit card that provides a more secure card payment experience for card issuer customers. The SmartMetric credit card has a built-in fingerprint scanner that reads the card user’s fingerprint and activates the card’s EMV chip when inserted into a retail card reader or ATM. Only authorized cardholders 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 on credit card holders shows that 68% of credit card holders will pay for a biometric credit card.

The story continues

SmartMetric is offering its cards to credit card issuing banks who will in turn offer new biometric cards to their customers seeking greater protection.

SmartMetric is in the final stages of production of its newly revised and improved biometric credit card with it’s built in nano fingerprint reader. The nano fingerprint reader inside the card is used to scan the cardholder’s fingerprint. Only after the fingerprints match will the credit or debit card work.

Since the SmartMetric biometric card has an internal rechargeable solid state hybrid battery, enrolling a new user’s fingerprint is as easy as setting up biometric access on a smartphone. No special fingerprint reader or trip to the bank is required for new cardholders to enroll and embed their fingerprints on their new SmartMetric biometric card. Another big advantage of the standalone SmartMetric biometric card is that because it doesn’t rely on the card reader to perform the fingerprint reading function, it can operate a fingerprint scan of a person’s fingerprints before they insert them into the reader. This is especially important for use at most ATMs and gas stations which have readers that swallow the card so that the card cannot work without scanning the biometric fingerprint of the card user before being inserted into the card reader.

SmartMetric expects its new biometric cards to come out of the assembly line in mid-April 2023.

According to figures released by credit card standards body EMVco, more than 11 Billion EMV Chip cards have now been issued by financial institutions around the world. SmartMetric biometric technology works with existing EMV chips and existing chip and ATM card readers.

ABOUT SMARTMETRIC BIOMETRIC CARD: Keeping your biometric identity secure is at the core of SmartMetric’s biometric card design. The cardholder’s fingerprint never leaves the card. A person’s fingerprint is stored on the card and the person’s fingerprint matching is done on the card itself. This was a key design requirement of SmartMetric’s biometric card solution which required SmartMetric to build a fully functional fingerprint scanner on the card. Also, to make the card usable in ATM and POS (Point Of Sale) card readers, the SmartMetric development team created the card’s miniature power management system that recharges the card when used in a card reader.

To view the SmartMetric Biometric Card, please follow this link – SmartMetric Biometric Card video

To view the company website: www.smartmetric.com

Safe Harbor Statement: The 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 within the meaning of that term in Section 27A of 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 in these forward-looking statements. In some cases, you can identify forward-looking statements by using words such as “may”, “could”, “expect”, “intend”, “plan”, “seek”, “anticipate”, “believe” estimate”, “predict”, “potentially”, “continuing”, “likely”, “will”, “will” and variations of these terms and similar expressions, or the negatives of these terms or similar expressions. Such forward-looking statements should be based on estimates and assumptions which, although considered reasonable by us and our management, are not inherently certain. Factors that could cause actual results to differ materially from current expectations include, inter alia, if we are unable to access the capital necessary to fund current operations or execute our growth plans; changes in the competitive environment of our industry and the markets in which we operate; our ability to access capital markets; and other risks discussed in Company filings with the US Securities and Exchange Commission, including our Annual Report on Form 10-K, filings available from the SEC. We caution you not to rely unduly on the forward-looking statements made as of the date of this press release. We are under no obligation to publicly update 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 law. If we update one or more forward-looking statements, no conclusion should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Investors and securities holders are encouraged to carefully review and consider any public submission of SmartMetric Inc. to the SEC, including but not limited to, where 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.
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702.990.3687 or 305.607.3910 (Pacific Standard Time)
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