SmartMetric, Inc. (OTCQB: SMME) reports highlights from the True Cost of Fraud Study conducted by Lexis-Nexis that show retail fraud attempts have tripled since 2017. Every dollar “stolen” represents more than $3 lost on average due to merchandise redistribution, investigation and other costs.
It’s not just the volume of fraud that is rising, but the actual bottom-line cost to retailers is increasing year-on-year with the now average cost of fraud being $3.13 average loss per $1.00 of fraud.
It has been reported that in 2018 alone, $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.
The Lexus-Nexis report also showed that 43% of retailers surveyed said that verifying customer identity was the biggest challenge they face.
SmartMetric has produced a credit and debit card that 100% verifies the identity of the card user. Simply, the card will not work unless and until the card’s internal nano fingerprint scanner has scanned the cardholder’s fingerprint and uses a 100% fingerprint match to turn on the card.
“What we have created is unsurpassed identity validation while at the same time, card use protection allowing only the authorized card user to use the card using the power of our nano biometric technology built inside the card,” said SmartMetric’s President and CEO, Chaya Hendrick today.
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.
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