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SmartMetric Reports That Over $24 Billion Was Lost in 2018 Due to Payment Card Fraud Worldwide

December 23, 2019 GMT

NEW YORK--(BUSINESS WIRE)--Dec 23, 2019--

SmartMetric, Inc. (OTCQB: SMME) reported that in 2018, $24.26 Billion was lost due to payment card fraud worldwide. The United States leads the world in credit card fraud with 38.6% of reported card fraud losses in 2018.

Credit card fraud increased by 18.4% in 2018 and is still increasing.

Apart from the financial cost to card issuers and the time and expense of card fraud to the consumer from credit card fraud there is another serious cost that has had little reporting on. That is the “Emotional Cost” on the consumer victim of credit card fraud.

In research released by the Identity Theft Research Center titled the 2018 Aftermath Study, it is shown that profound emotional impacts to the consumer following credit card fraud incidents.

The research showed 85% victims of identity crime felt worried, angry and frustrated, while 83% felt violated. Another alarming impact on the fraud victim is that 69% said they could not trust others and felt unsafe.

Other emotional impacts on fraud victims are, feeling powerless or helpless, 67%. Feeling sad or depressed, 59%, while 55% felt betrayed.

The emotional impact on the victims of fraud support research that shows that one in four credit card users who have fallen victim to card fraud end up abandoning use of the bank’s credit card that was used fraudulently even after the card has been reissued.

Other research dealing with the behavioral impact following a card fraud incident and subsequent card replacement by the bank shows that the replaced card is more likely than not to be placed at the back of the wallet and the least used for future purchases by the credit card fraud victim.

The emotional impact on consumer victims of card fraud underpin the research results found in research commissioned by SmartMetric which shows that the vast majority of the credit card holders surveyed are highly concerned about credit card fraud. So much so that in the same survey over 60% said they would be willing to pay for a biometric credit card that uses fingerprint biometrics to secure their credit card.

SmartMetric has also made advances in its contactless NFC technology that is activated for contactless transactions following the users instant fingerprint scan and match when they touch the card’s biometric sensor on the card’s surface.

The card’s internal biometric scanner is powered by a rechargeable, very thin battery. This SmartMetric battery is recharged every time the card holder uses the card at either a regular contact card reader or ATM as well as contactless readers used to read contactless credit and debit cards.

“SmartMetric turns the card users’ biometrics into the key that unlocks the card. Bringing the power of biometric security technology to the ubiquitous credit and debit card,” said today, SmartMetric’s President and CEO, Chaya Hendrick.

SmartMetric is a USA-based company with sales and marketing partnerships in Latin America, Europe, the United States. Engineering of the biometric card electronics is done in-house and is the owned intellectual property of the company.

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

Source data: https://shiftprocessing.com/credit-card-fraud-statistics/

Safe Harbor Statement:Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Also 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. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, if we are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.Investors and security holders are urged to carefully review and consider each of SmartMetric Inc. public filings with the SEC, including but not limited to, if applicable, Annual Reports on Form 10-K, proxy statements, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191223005414/en/

CONTACT: Investor Relations

Steffan Dalsgaard

(415) 250-0105SmartMetric, Inc.

Chaya Hendrick

President & CEO

3960 Howard Hughes Parkway, Suite 500

Las Vegas, Nevada. 89169 USA

Tel: (702) 990-3687

ceo@smartmetric.com

www.smartmetric.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SECURITY ONLINE RETAIL OTHER RETAIL RETAIL TECHNOLOGY

SOURCE: SmartMetric, Inc.

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PUB: 12/23/2019 12:21 PM/DISC: 12/23/2019 12:21 PM

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