SmartMetric Says Credit Card Fraud Is Immense With Projected Global Losses Reaching an Astounding $43 Billion by 2026

NEW YORK--(BUSINESS WIRE)--SmartMetric, Inc. (OTC: SMME) A biometric fingerprint credit card is better than regular credit cards in several ways. Here are some of the advantages of using a biometric card:

• Enhanced security: A biometric card can verify your identity with your fingerprint, which is unique and difficult to forge. This can prevent unauthorized use of your card if it is lost or stolen. Unlike a PIN or a signature, your fingerprint cannot be guessed or copied by fraudsters.
• Convenience: A biometric card can make payments faster and easier, as you do not need to remember or enter a PIN or sign a receipt. You just need to touch your finger on the card and insert or tap it on the reader. This can also reduce the risk of forgetting or losing your PIN.
• Contactless payment: A biometric card can enable contactless payment, which is more hygienic and convenient than swiping or inserting your card. Contactless payment can also reduce the wear and tear of your card and the reader. Moreover, contactless payment can increase the transaction limit, as you do not need to enter a PIN for higher amounts.

The financial repercussions of credit card fraud are immense, with projected global losses reaching an astounding $43 billion by 2026. In the United States alone, credit card fraud losses are projected to exceed $12.5 billion within the next two years. These figures underscore the urgent need for implementing robust fraud prevention strategies and leveraging advanced technologies to protect consumers and businesses from financial harm. ¹

Incorporating a biometric fingerprint identity scanner inside the credit card such as has been done by SmartMetric brings a powerful defense against credit card fraudsters using the power of biometrics.

The SmartMetric Gen 4 Biometric Fingerprint Card has been developed to meet the specific demand of the credit card industry and credit card users for enhanced credit card security. The card has an in-the-card nano fingerprint scanner that is used to recognize the card holder’s fingerprint and on a fingerprint match, instantly turning on the card.

“The mass market version of the SmartMetric Gen 4 biometric credit card is now under manufacture following the successful testing of the card's new and advanced internal operating system on the new card hardware platform,” said SmartMetric's President and CEO, Chaya Hendrick.

The SmartMetric biometric fingerprint recognition technology built inside of the credit and debit card uses embedded biometric technology to positively recognize the card holder, and then only after a positive fingerprint recognition, turn on the card's EMV contact and contactless payments chip.

According to an article published by Finder.com ² the number of credit card accounts open in the United States is 564,500,000. This is an all-time high for the United States.

The average American owns three credit cards. 83% of Americans own at least one credit card. 14% of Americans own at least 10 credit cards.

To view the SmartMetric Biometric Card please follow this link - Video of the SmartMetric Biometric Card. To view the company website: www.smartmetric.com

¹ Credit Card Fraud in 2023 - Credit Card Processing and Merchant Account (clearlypayments.com)
² 2023 Credit card debt and spending statistics in the US | finder.com

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