SmartMetric Says Projected Card Fraud Losses of $10 Billion in the USA Could Actually Cost Retailers $29 Billion in Actual Total Card Fraud Costs by 2020
October 15, 2018
NEW YORK–(BUSINESS WIRE)–#ameritrade–SmartMetric, Inc. (OTCQB: SMME) – A 2016 iovation/Aite Group study on
EMV’s projected impact on financial fraud reports that credit card fraud
losses may climb to as much as $10 billion in the United States alone by
2020.
According to a study conducted by Lexis Nexis, “Retail fraud continues
to increase sharply year-on-year, along with its cost.”
• The average volume and value of fraudulent transactions has risen.
• And, the level of fraud as a percentage of revenues has moved upwards
(1.58% to 1.80% on average).
For every dollar taken in by a retailer, 1.8% leaves the retailer’s
hands due to the cost of fraud. This is an incredible unseen tax on the
public as these fraud costs are invariably passed on to the consumer
through higher retail prices to cover these card fraud losses said
SmartMetric’s President & CEO, Chaya Hendrick, today.
The real cost of fraud for each $1.00 lost to fraud by a retailer is
$2.94, which involves increased expenses related to chargebacks, fees,
merchandise redistribution, labor/investigation, legal prosecution and
IT/software security. This is a 6% increase from the previous year.
SmartMetric has developed a credit card that uses the card holder’s
fingerprint to activate the credit or debit card prior to it being
inserted into a retailers credit card reader or ATM. This allows for a
full 100% biometric validation of the card user.
“Using biometrics inside the credit card is something that has taken us
over 15 years of R&D, but now we find ourselves with arguably the most
advanced and exciting biometric solution to fight credit card fraud,”
said Chaya Hendrick.
Follow these links to view the SmartMetric biometric credit card: Using
the SmartMetric Card at an ATM, Storing
your fingerprint on your card, Using
the SmartMetric Biometric Card at an ATM, SmartMetric
Biometric Portable Medical Records Card. To view the company
website: www.smartmetric.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.
Contacts
SmartMetric, Inc.
Head Office
3960 Howard Hughes
Parkway, Suite 500
Las Vegas, NV 89169
+1.702.990.3687
chaya@smartmetric.com
www.smartmetric.com
or
Investor
Relations
Everest Corporate Advisors, Inc.
Steffan Dalsgard
+1.702.334.7791
+1.415.250.0105