One Identity Theft Incident Every 3 Seconds in the USA -- In-Card Fingerprint Biometrics by SmartMetric to Fight $21 Billion Annual Identity Theft Losses
(Marketwire Via Acquire Media NewsEdge) NEW YORK, NY -- (Marketwired) -- 04/02/14 --
SmartMetric, Inc. (OTCQB: SMME), the developer of fingerprint activated biometric payment cards, says that the use of biometrics in the payment industry could offer a significant defense in the ongoing war against fraudsters. Having a card that is activated only by the card holders fingerprint would defend against identity fraud since the card would be biometrically married to the rightful card user rather than hoping and praying that the card being presented online or at a retailer is not a fraudulent card.
With the most recent credit card information thefts in the United States reaching well over 100 million cards, based on past experience it can be expected that 1 in 4 of these compromised cards will be used in an identity theft related fraud. According to the research company Javelin Strategy, the number of identity fraud incidents in the United States increased by one million more consumers over the past year, and the dollar amount stolen increased to $21 billion. This equates to 1 incident of identity fraud every 3 seconds as reported in Javelin's "2013 Identity Fraud Report."
The SmartMetric fingerprint card is fully compatible with existing chip card systems. According to EMV.co there are more than 1.6 billion issued EMV chip cards issued by banks around the world. SmartMetric has designed its technology to be able to be adopted by card issuers while conforming to existing credit card specifications.
About SmartMetricSmartMetric, Inc. (OTCQB: SMME) is the owner of a United States Patent & Trademark Office issued patent covering the use of smartcards (EMV cards are smart cards) that connect to networks. The company develops biometric smart cards including EMV and access control cards used for payments, security and identification. For information on SmartMetric and its technology please go to www.smartmetric.com.
Safe Harbor StatementCertain 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.
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Chaya C. Hendrick
President & CEO
Source: SmartMetric, Inc.
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