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SmartMetric The Maker Of Biometric Credit Cards Says After A Card Fraud Event 63 Percent Of Consumers Use Their Credit Cards Less
SmartMetric The Maker Of Biometric Credit Cards Says After A Card Fraud Event 63 Percent Of Consumers Use Their Credit Cards Less.
About this update from Smartmetric, Inc.
[{"type":"text","content":"\n \n SmartMetric, Inc. (OTCQB: SMME) says the alarming increase in fraud \n notifications has a significant impact on consumers trust in \n institutions issuing credit cards. This is born out in the how \n consumers' use of cards changes as a direct result following a card \n fraud incident.\n \n \n According to an ACI Worldwide Impact Report – Global Consumers: \n Losing Confidence in the Battle Against Fraud: “After experiencing \n fraud, 63 percent of consumers use their card less, at least in some \n situations, than they had previously.”\n \n \n Additional research reveals that nearly half of U.S. consumers have \n experienced card fraud,(1) while another survey found that \n 56% of fraud victims changed their card use or shopping behavior after a \n fraudulent charge.(2)\n \n \n This shows a seriously heightened concern by credit card users while \n also revealing a serious business cost for Banks above and beyond the \n direct cost of fraud losses. The cost to Banks of lost card transaction \n business from their card holders even after a card is replaced following \n a fraud incident is a serious hidden cost for card issuing Financial \n Institutions.\n \n \n \"The ongoing direct losses due to card fraud along with the substantial \n hidden costs of lost business, highlights the benefit to card issuing \n Banks and consumers alike, from the adoption of a safer biometric based \n credit card. Not to mention the fact that a biometric credit card \n adopted by card users for a more secure card experience would become the \n top-of-the-wallet card garnering the majority of the card holders card \n transactions,\" said today SmartMetric's President & CEO, Chaya Hendrick.\n \n \n SmartMetric is the creator of the in-the-card fingerprint scanner for \n chip credit cards. It uses a SmartMetric developed miniature and super \n thin fully functional fingerprint reader that sits inside the credit \n card. The biometric reader is used to turn on the card's surface chip \n following a fingerprint match and prior to being inserted into card \n readers or ATM's.\n \n \n According to a research report by Javelin Strategy and Research titled \n “The 2018 Identity Fraud Study” nearly 1/3 of United States consumers \n were notified of a breach in 2017, an increase over the previous year, \n which was 12% ...