Banks Hidden Cost Of Fraud - 56% of Consumers Change Card Usage After Experiencing Card Fraud Says SmartMetric

NEW YORK, NY--(Marketwired - October 19, 2016) - SmartMetric, Inc. (OTCQB: SMME) -- A report reveals that nearly half of U.S. consumers have experienced card fraud,(1) while another survey found that 56% of fraud victims changed their card use or shopping behavior after a fraudulent charge.(2)

This shows a seriously heightened concern by credit card users while also revealing a serious business cost for Banks above and beyond the direct cost of fraud losses. The cost to Banks of lost business from their card holders is a hidden cost not often considered by the card issuing institutions.

"The on going direct losses due to card fraud along with the substantial hidden costs of lost business, highlights the benefit to card issuing Banks and consumers alike, from the adoption of a safer biometrics based credit card," said today SmartMetric's President & CEO, Chaya Hendrick.

SmartMetric is exhibiting at the Money 20/20 conference on October 24th through to the 26th.

The conference and exhibition is the largest FinTech (Financial Technology) exhibition and conference in the world. Smartmetric is showing its world first biometric activated inside the credit card fingerprint reader in the exhibition hall at booth 424.

SmartMetric is the creator of the in-the-card fingerprint scanner for chip credit cards. It uses a SmartMetric developed miniature and super thin fully functional fingerprint reader that sits inside the credit card. The biometric reader is used to turn on the card's surface chip following a fingerprint match and prior to being inserted into card readers or ATM's.

The SmartMetric solution overlays biometric protection on top of the new chip card technology now being issued across the United States. There are now more than 4.8 billion chip payments cards issued globally.

Follow this link to view the SmartMetric biometric card:

SmartMetric Biometric Payments Card -- https://youtu.be/zSX59uHoHqU

To view the company website: www.smartmetric.com

1. ACI Worldwide and Aite Group. 2016 Global Consumer Card Fraud: Where Card Fraud Is Coming From; infographic/summary and full report; July 2016. aciworldwide.com/fraud-survey/results

2. Tender Armor. CNP Fraud Consumer Impact: Anxiety That Reduces Credit and Debit Card Usage; April 6, 2016. cvvplus.com/wp-content/uploads/2016/04/CNP-Fraud-Consumer-Impact-Study.pdf

Safe Harbor Statement: Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.