NEW YORK–(BUSINESS WIRE)–SmartMetric, Inc. (OTCQB: SMME) experiences fraud losses worldwide reached $27.85 billion in 2018 and are projected to rise to $35.67 billion in 5 years and $40.63 billion in 10 years in accordance with The Nilson Report, the main world card and cellular funds commerce publication.
Losses of $27.85 billion in 2018 have been up from $23.97 billion the 12 months earlier than. Credit score, Debit and Pre-Paid playing cards generated $40.582 in transactions in 2018. A rise of 17.7% over 2017.
By 2023 complete credit score, debit and different fee card transaction quantity is projected to achieve $57.080 trillion. Gross card fraud is projected to achieve $35.67 billion. It’s additional projected that by 2027 complete card transactions will complete $71.593 trillion.
“It has been lengthy rumored that credit score and debit playing cards might be changed by different types of fee however the actuality is that credit score and debit playing cards stay essentially the most favored format for level of sale non-cash funds. Additional it’s being projected by trade analysts that this dominance in funds will proceed going ahead with a staggering $71,593 Trillion in transaction worth by 2027,” mentioned in the present day SmartMetric’s President and CEO, Chaya Hendrick.
SmartMetric has embedded a completely purposeful fingerprint scanner inside the usual chip-based credit score and debit card. It permits the cardboard to be locked and solely ready for use following the professional cardholder touching the sensor on the cardboard’s floor triggering a sub second fingerprint scan and match with the customers pre-stored fingerprint saved inside the cardboard.
The SmartMetric biometric fingerprint activated credit score/debit card is simple to make use of and permits a straightforward to enroll of an individual’s fingerprint. The cardholders’ fingerprint is saved and encrypted contained in the SmartMetric biometric card in a one-time contact and retailer course of. Just like the simplicity and ease of storing a fingerprint on a cell phone. SmartMetric safe consumer storage of the cardholders’ fingerprint doesn’t require further fingerprint studying units in Financial institution branches for enrolling fingerprints. This enables the SmartMetric biometric card answer to be simply utilized by mass card issuers with out having to alter their distribution strategies.
This video hyperlink exhibits the straightforward and safe fingerprint enrollment course of for the cardboard consumer. FINGERPRINT CARD ENROLLMENT
Biometric safety used to activate the credit score/debit card supplies a way more enhanced degree of safety past the straightforward four-digit PIN. This enhanced safety represents a significant advance within the safety of cardholders and card issuing banks alike.
The present manufacturing capability of the SmartMetric biometric credit score/debit card is in extra of 1 million playing cards a month.
An impartial analysis firm has projected that estimated biometric credit score/debit playing cards worldwide over the subsequent few years will exceed 500 million playing cards. In keeping with trade figures, over 9 billion credit score/debit chip-based playing cards have been issued globally.
SmartMetric is a USA primarily based firm with gross sales and advertising and marketing partnerships in Latin America, Europe america. Engineering of the biometric card electronics is completed in-house and is the owned mental property of the corporate.
Figures supplied by the Nilson Report and Goode Intelligence
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