$SMME NEW YORK, March 28, 2023--(BUSINESS WIRE)--SmartMetric, Inc. (OTC: 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 banks card customers.
SMARTMETRIC SAYS RESEARCH SHOWS 69% OF FINANCAIL FRAUD VICTIMS BECOME FEARFUL REGARDING THEIR PERSONAL FINANCIAL SECURITY
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 banks customers when they become credit card fraud victims. The damage to the Banks 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
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 users fingerprint and activates the cards 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.
SmartMetric is in the final stages of production of its newly revised and improved biometric credit card with it’s built inside the card nano fingerprint reader. The nano fingerprint reader inside the card is used to scan the card holders fingerprint. Only after a fingerprint match will the credit or debit card work.
Because the SmartMetric biometric card has an internal hybrid solid state rechargeable battery, the enrollment of a new users fingerprint is as simple as experienced in setting up biometric access on a smartphone. No special fingerprint readers or a trip to the bank is needed for a new card holder to enroll and embed their fingerprint inside their new SmartMetric biometric card. The other considerable advantage to the self-powered SmartMetric biometric card is that since it does not rely on a card reader to power the fingerprint reading function it can operate the fingerprint scanning of a persons fingerprint prior to them inserting it into a reader. This is critically important for using at most ATM’s and gas stations that have readers that swallow the card making it impossible for the card to work without the biometric scanning of the card users fingerprint before it is inserted into the card reading machine.
SmartMetric expects its new biometric card to be out of the assembly factory mid-April, 2023.
According to figures released by the credit card standards body EMVco more than 11 Billion EMV Chip cards have now been issued by financial institutions around the world. The SmartMetric biometric technology works with existing these EMV chips and existing chip card readers and ATM’s.
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 SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card
To view the company website: www.smartmetric.com
