SmartMetric, Inc. (OTCQB: SMME) biometric fingerprinted activated credit card is the world’s only biometric card that includes a state of the art miniature hybrid solid state rechargeable battery along with a sophisticated hardware solution that distinguishes between a live human fingerprint from a fake one.
The 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.
Discussions are being held with a major credit card issuer in the United States for distribution to the public of the leading next generation biometric credit card created by SmartMetric.
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The SmartMetric 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 being estimated to reach $30 Billion in the United States.
Chargebacks 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.
“Using the SmartMetric biometric credit card that only allows the legal card holder to use the card, protects card users, merchants, card processors and card issuing banks with state-of-the-art biometric technology built inside the credit card,” said SmartMetric’s President & CEO, Chaya Hendrick.
The SmartMetric biometric credit and debit card developed by SmartMetric, uses the cardholder’s fingerprint which is read by a Nano fingerprint scanner inside the card, to turn on the card prior to insertion into the card reader or ATM. The cardholder’s biometrics are protected since their fingerprint is stored inside their card and never leaves the card at any time. Only the authorized holder of the SmartMetric biometric credit and debit card can use the card.
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