Business
SmartMetric Says Its Biometric User Fingerprint Credit Card Technology Stands to Save Card Merchants Billions of Dollars
SmartMetric Says Its Biometric User Fingerprint Credit Card Technology Stands to Save Card Merchants Billions of Dollars.
About this update from Smartmetric, Inc.
[{"type":"text","content":"\nSmartMetric, Inc. (OTCQB: SMME) has made substantial improvements in its biometric card that include a state of the art miniature solid state rechargeable battery. Also a sophisticated hardware solution that distinguishes a live fingerprint from a fake one.\n\nThe more advanced SmartMetric biometric credit card is being readied for submission to one of the world’s largest credit card networks for operating approval on its network.\n\nThe soon to be released new biometric fingerprint activated credit card is coming to market in the light of alarming figures showing that businesses are suffering monumental losses due to online and at check out fraud. What is so alarming is that the rate of growth in online fraud for merchants is in triple figures with loses for chargebacks alone has been estimated to reach $30 Billion in the United States.\n\nCharge backs are where the credit card user amongst other things, denies making the card purchase or says they never received the goods. It is estimated that 86% of this $30 billion in “chargebacks\" or to be more precise, transaction reversals, are based on fraudulent misrepresentations by the card user.\n\nOne area beleaguering online merchants and the credit card industry as a whole, is the area commonly referred to as “friendly fraud.” Friendly fraud is far from friendly. It is a euphemism used in the credit card industry for what is essentially “customer fraud.” In the day and age when people would need to walk into a physical business to make a purchase with a credit card, any resulting fraud was termed “friendly fraud” since the person committing the fraud and the merchant would have been in face to face contact with each other. Now that the world has moved to billions of dollars being transacted online there is no human interaction for today’s credit card fraudster. So, it is a misnomer to call online based fraud by customers “friendly fraud.” The fraud in fact is out and out customer fraud. When 86% of reported fraud resulting in the transaction being reversed and money is returned to the fraudsters account, then this is most definitely not friendly fraud.\n\nAn additional cost to businesses and card companies online is the number of dollars lost in “card abandonment” at the online site checkout. In order...