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SmartMetric Says 69% of Financial Fraud Victims Become Fearful Regarding Their Personal Financial Security, While in Addition Card Fraud Causes Direct Damage to the Card Issuing Brand and Its Relationship to Its Credit Card Customer Base
SmartMetric Says 69% of Financial Fraud Victims Become Fearful Regarding Their Personal Financial Security, While in Addition Card Fraud Causes Direct Damage to the Card Issuing Brand and Its Relationship to Its Credit Card Customer Base.
About this update from Smartmetric, Inc.
[{"type":"text","content":"\nSmartMetric, Inc. (OTCQB: SMME) – When it comes to damage to a card issuing bank caused by financial fraud such as credit card theft, the damage goes far beyond the immediate financial loss for both the bank and the bank's card customers.\n\nWhen asked how being a fraud victim made them feel, consumers respondents (69%) said they felt fear regarding their personal financial security. An even larger number felt frustration and annoyance (81%), while those who felt rage or anger was (58%).\n\nThese figures show that the emotions surrounding financial fraud are serious and significant in the minds of the bank's customers when they become credit card fraud victims. The damage to the bank's brand and customer relationship stemming from a card fraud instance, based on these research figures, is extremely serious.\n\n“The economic cost as a consequence for a card issuing bank when it comes to fraud can be longer lasting and more costly than the immediate losses from the fraud instance,” said SmartMetric’s President & CEO, Chaya Hendrick.\n\n\n\nEFFECT ON CONSUMERS\n\n\n\nRESPONSE\n\n\n\n\n\nFrustration or annoyance\n\n\n\n81%\n\n\n\n\n\nFear regarding my personal financial security\n\n\n\n69%\n\n\n\n\n\nRage or anger\n\n\n\n58%\n\n\n\n\n\nSense of powerlessness or helplessness\n\n\n\n54%\n\n\n\n\n\nLoss of ability to trust\n\n\n\n51%\n\n\n\n\n\nFeelings of betrayal\n\n\n\n44%\n\n\n\n\n\nShame or embarrassment\n\n\n\n28%\n\n\n\n\nSource: Identity Theft Resource Center\nhttps://www.creditcards.com/credit-card-news/credit-card-security-id-theft-fraud-statistics-1276.php\n\nSmartMetric has created a biometric protected credit card that provides a safer card payment experience for card issuers' customers. The SmartMetric credit card has an inbuilt fingerprint scanner that reads the card user's fingerprint and activates the card's EMV chip as it is being inserted into a retail card reader or ATM. Only the legitimate card holder can use the card.\n\nAccording to consumer research commissioned by SmartMetric, 80% of card users are concerned about card fraud and identity theft. The same research of credit card holders showed that 68% of credit card holders would pay for a biometric credit card.\n\nSmartMetric is offering its card to credit card issuing banks, who will in turn offer the new biometric card to their c...