SmartMetric Says Hardened Credit Card Security From Using Biometrics Is Needed More Than Ever as Card Fraud Continues to Grow Exponentially
November 7, 2023
NEW YORK--(BUSINESS WIRE)-- SmartMetric, Inc. (OTC: SMME) reports on credit card fraud are continuing to show an explosion in fraud rates in the United States. According to a report released this year by Security.org1 151 million Americans have fallen victim to credit card fraud.
65 percent of credit and credit card holders have been fraud victims at some point in their lives, up from 58 percent last year. This equates to about 151 million Americans.
An increasing number of Americans have been victimized multiple times: in 2022, 44 percent of credit card users reported having two or more fraudulent charges, compared to 35 percent in 2021.
Credit Card fraud is a growing issue for both card holders and card issuing banks. The biggest under the radar cost to the consumer is the add-on fraud crimes that happen following a credit card fraud instance. A growing number of credit card fraud victims become also victims of other identity theft-based crimes which can be financially devastating to card fraud victims, according to SmartMetric.
“The need for a more secure credit and debit card is more needed today than ever before. That is why we have spent so much effort and time to create a work anywhere at anytime biometric protected payments card,” said SmartMetric’s President & CEO, Chaya Hendrick.
“The mass market version of the SmartMetric Gen 4 biometric credit card is now under manufacture following the successful testing of the cards internal operating system on the new card platform,” said Chaya Hendrick.
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 in turn activates the card.
The SmartMetric biometric credit card is the only advanced biometric payments card product with an internal rechargeable battery that allows the card to be used in all card usage cases such as restaurants and ATMs. Having its own power inside the card allows the SmartMetric biometric card to work prior to the card being inserted into a card reader.
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, turns on the card's EMV contact and contactless payments chip.
According to an article published by Finder.com2 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 2023 Credit Card Fraud Report | Security.org
2 2023 Credit card debt and spending statistics in the US | finder.com
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Source: SmartMetric, Inc.